Circle awards grant to UN to pilot stablecoins for humanitarian payments

Stablecoin issuer Circle said it has issued a grant to support the rollout of digital financial infrastructure across the United Nations, aiming to make humanitarian aid payments more efficient, the company announced at the World Economic Forum in Davos. Circle said the grant — its first international grant from the Circle Foundation — would support the UN’s Digital Hub of Treasury Solutions (DHoTS) in “efforts to streamline monetary value transfers across the UN ecosystem.” The company said digital financial infrastructure, including stablecoins, can save 20% of the cost of delivering humanitarian aid.

Circle did not specify the size or form of the grant. The announcement builds on Circle’s 2022 collaboration with UNHCR and DHoTS, which facilitated USDC stablecoin payments for displaced Ukrainians. UN Development Programme administrator Alexander De Croo said stablecoin payments would enable the UN to “make every dollar work harder” with “tight budgets,” and UN Refugee Agency high commissioner Barham Salih said the move is “about using technology to uphold dignity and choice for people forced to flee, while maximizing impact for every dollar entrusted to us.” Circle noted $38 billion in annual humanitarian funds rely on legacy systems.

Key Topics

Crypto, Circle, United Nations, Dhots, Unhcr, Usdc