Stellar network facilitates quick and secure delivery of aid to Ukrainian refugees

The United Nations refugee agency (UNHCR) is partnering with the Stellar Development Foundation to provide aid to Ukrainians affected by Russia's invasion of the country. The UNHCR will use the Stellar network to transfer USDC stablecoins to those in need, allowing them to exchange the funds for other currencies at MoneyGram locations worldwide. There are 4,500 MoneyGram locations in Ukraine that can be used for this purpose.

USDC is a stablecoin created by Circle and Coinbase, backed by US dollars and short-term US Treasury securities. Its use on the Stellar network is intended to help displaced people receive money quickly while reducing the risk of theft or loss. Karolina Lindholm Billing, UNHCR's representative to Ukraine, emphasized the importance of speed in humanitarian action.

If you’re enjoying this article, why not share?

The UNHCR has a history of collaborating with the tech sector in order to deliver assistance faster and more efficiently. This latest program is being launched in collaboration with the Stellar Development Foundation and is being piloted in Kyiv, Lviv, and Vinnytsia. It is expected to roll out to other regions in the future.

To receive funds, individuals will have to download a cryptocurrency wallet application called Vibrant. Through this app, they will receive USDC on their accounts, which can then be exchanged for other currencies. The project was co-developed with the Stellar Development Foundation, a non-profit organization supporting the development and growth of the Stellar network.

It's worth noting that this isn't the first time the Ukrainian government has turned to cryptocurrencies to raise funds. Earlier this year, the government raised $100 million in cryptocurrency donations and launched a non-fungible token collection.

The Stellar Development Foundation has also been exploring the use of central bank digital currencies, partnering with Mercado Bitcoin earlier this year. It's clear that the foundation is committed to finding innovative solutions to real-world problems, and its partnership with the UNHCR to aid those affected by the conflict in Ukraine is just one example of this.