UN Donates Cryptocurrencies to Ukraine

Using USDC donations, the United Nations (UN) aims to send money to Ukraine.

With the help of USDC donations, the United Nations (UN) plans to send money to Ukraine. Through a "unique solution," the cryptocurrency is supposed to arrive quickly, efficiently, and securely. The United Nations (UN) have spent decades safeguarding fundamental humanitarian rights, such as peace, security, human rights, and sustainable development. To date, the UN has conducted transactions based on regulated, government-recognized fiat currencies to achieve these goals. Now UNHCR, the UN refugee agency, is using the USDC stablecoin to help Ukrainian refugees.

USDC Donations for Ukraine

Using a new blockchain assistance program, UNHCR aims to distribute funds in the form of the stablecoin USDC to "eligible recipients." This "unique solution" is intended to ensure that "cash assistance is delivered quickly, efficiently, securely, and with full traceability and accountability directly to people in need," per UNHCR. The Ethereum-native USDC tokens are transferred via the Stellar blockchain to the recipients’ so-called "Vibrant Digital Wallets." The received cryptocurrency can then be exchanged for U.S. dollars, euros, or the local hryvnia at roughly 4,500 MoneyGram locations nationwide. Karolina Billing, UNHCR representative in Ukraine, explains:

“In a global context, UNHCR has worked with the tech sector for years, and they have played a crucial role in driving innovation. To deliver aid faster, speed is essential in humanitarian action.”

Stellar Development Foundation

The program is being piloted in Ukrainian cities like Kyiv, Lviv, and Vinnytsia, in collaboration with the Stellar Development Foundation, with plans to expand to other cities. While the pilot phase is specifically designed for Ukraine, it could be rolled out to "other parts of the world." The donation amount remains unclear.