Circle grant supports UN digital payments for humanitarian aid
Stablecoin issuer Circle has awarded a grant to support the deployment of digital financial infrastructure across the United Nations, aiming to improve the efficiency of humanitarian aid disbursements.
Announced on Wednesday at the World Economic Forum in Davos, Switzerland, the Circle Foundation said its first international grant will back the UN’s Digital Hub of Treasury Solutions (DHoTS) in “efforts to streamline monetary value transfers across the UN ecosystem.” Circle did not disclose the size or structure of the grant.
The initiative builds on Circle’s 2022 collaboration with UNHCR and DHoTS, which enabled USDC (USDC) stablecoin payments for displaced Ukrainians. UN Development Programme administrator Alexander De Croo said stablecoin-based payments would allow the UN to “make every dollar work harder” amid “tight budgets.”
Circle said digital financial infrastructure, including stablecoins, can maximize the impact of donor funds, noting that $38 billion in annual humanitarian financing still relies on legacy systems. Barham Salih, the UN Refugee Agency high commissioner, said: “This is about using technology to uphold dignity and choice for people forced to flee, while maximizing impact for every dollar entrusted to us.”
Circle’s support for the UN follows the launch of the Circle Foundation in December, which focuses on philanthropic initiatives to promote financial resilience and inclusion.
Stablecoins expected to play a larger role in global payments
The stablecoin market has expanded to $312.7 billion and is used for everyday payments, business transactions, and as a savings instrument globally.
Earlier this month, Bloomberg Intelligence projected that stablecoin payment flows will increase at an 81% compounded annual growth rate to $56.6 trillion by 2030.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
