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- The Stellar Aid Assist allows humanitarian organizations to send bulk USDC stablecoins payments to Ukrainian people in need.
- Stellar Foundation has partnered with MoneyGram which has over 400k global outlets to help on/off ramp services.
The war in Ukraine with neighboring Russians has devastated many lives in both countries. According to a recent U.S report, as many as 354k Ukraine and Russian soldiers have died since the onset of the war over 420 days ago. The war shows no signs of ending anytime soon despite diplomatic talks intensifying among NATO members. As a result, civilians in affected Ukraine cities have been left devastated by the war. As a result, global aid groups have increased their efforts to donate as much as possible to the affected areas.
However, fears of aid misappropriation by Ukraine officials have raised concerns among international donors including the EU.
“I am very much worried about that money [from the EU]going to EU officials or lobbyists or Ukrainian officials,” Greek Vice-President of the European Parliament and Head of the Syriza Delegation Dimitrios Papadimoulis told The Brussels Times. “I have a lot of doubts if the money and the support are going to places and the people who want or need that support. [I am worried] that part of it goes to other places and other pockets.”
Stellar (XLM) Steps in for the Ukrainians in Need of Help
The problem of aid misappropriation is, however, solved through the use of blockchain technology to enable fast, cheap, and efficient payments. The Stellar Aid Assist, an initiative by the Stellar Development Foundation (SDF) – a non-profit arm of the Stellar network – has gained significant traction in helping people affected by the Ukraine war. Notably, Stellar Aid Assist allows humanitarian organizations to send bulk USDC stablecoins payments to Ukrainian people in need.
According to Tori Samples, a senior product manager at SDF who oversees Stellar Aid Assist, a humanitarian organization would have to process about 100k transactions before seeing notable gas fees. Through the Vibrant Wallet used by Stellar Aid Assist, transactions are free among the users, although the status could change in the future.
As the money is traceable to the recipient in need, Stellar Aid Assist helps war victims not only navigate disaster problems but also inflationary pressures. Notably, the Stellar Foundation has partnered with Moneygram which assists in easier cash outs. Stellar Development Foundation CEO and Executive Director Denelle Dixon.said:
We’ve always been very much about the on- and off-ramps, recognizing that if crypto and blockchain are really solving the problem for the unbanked and the underbanked, then you really shouldn’t need a credit card or a bank account to be able to join the solution. Focusing on that cash on- and off-ramp was a really important piece of our work, holistically, and MoneyGram was the perfect partner for that because they have 400,000 agents all over the world.
