Company
Date Published
Author
Team Circle
Word count
992
Language
English
Hacker News points
None

Summary

Circle Internet Financial, in collaboration with the Bolivarian Republic of Venezuela and Airtm, launched an innovative aid disbursement pipeline using USD Coin (USDC) to bypass the economic controls of the Maduro regime and deliver much-needed financial aid to Venezuelan healthcare workers amidst the COVID-19 pandemic. This initiative, supported by the U.S. government and led by President-elect Juan Guaidó, represents a unique public-private partnership utilizing stablecoins for foreign aid, enabling the distribution of funds without the risk of censorship. The approach involved minting USDC with seized funds, which were then transferred to Airtm, a platform enabling digital dollar payments, allowing healthcare workers to receive assistance via AirUSD, Airtm's stablecoin-backed dollar token, thus bypassing government forex controls and facilitating transactions in local currency at free market rates. Despite the Maduro government's attempts to block Airtm's services, the use of VPNs allows Venezuelans to access their funds, underscoring the transformative potential of digital currency in providing financial freedom under oppressive regimes and marking a significant milestone for stablecoins in international monetary systems.