United Nations Receives Funding from Circle to Advance Digital Upgrade of Cross-Border Refugee Assistance

Odaily News Stablecoin issuer Circle announced it is providing funding to the United Nations to support its global deployment of digital financial infrastructure, aiming to enhance the efficiency of humanitarian aid fund distribution. The announcement was made in Davos, Switzerland, during the World Economic Forum.

The Circle Foundation stated that this marks its first international grant, which will be used to support the UN's Digital Hub for Treasury Solutions (DHoTS) in advancing related work to streamline cross-border fund transfer processes within the UN system. This funding initiative continues Circle's 2022 collaboration with the UN Refugee Agency (UNHCR) and DHoTS, during which aid was distributed to displaced persons in Ukraine using the USDC stablecoin.

Alexander De Croo, Administrator of the United Nations Development Programme, stated that in a context of tight budgets, stablecoin payments can help "make every dollar go further." Circle pointed out that currently, approximately $38 billion in annual humanitarian funding still relies on traditional financial systems, and digital financial infrastructure has the potential to significantly improve the efficiency of fund utilization.

Barham Salih, High Commissioner of the UN Refugee Agency, also stated that the project aims to enhance the dignity and choice of forcibly displaced populations through technological means, while maximizing the practical impact of donated funds.