- Stellar Aid Assist leveraging the power of the Stellar network to disburse financial aid in bulk.
- The United Nations High Commissioner for Refugees (UNHCR), is one of the first to pilot this incredible initiative.
CNF reported in January about the launch of the Stellar Aid Assist to fast-track functional aid delivery. With almost a month to mark its one year of operation, the initiative has been embraced with Stellar Lumens seeking to make it more functional and efficient.
The official page on the Stellar Lumens’ website dedicated to this course stresses the need for such an initiative in a world where cash-based interventions are the commonly needed lifeline to rekindle hope.
We're tackling real-world challenges with Stellar Aid Assist.
In a world where people face urgent needs, Stellar Aid Assist leverages the Stellar network to swiftly deliver crucial funds during crises.
Learn how #Stellar is #ResilientWithBlockchain 👉
— Stellar (@StellarOrg) December 11, 2023
According to the official page, Stellar Aid Assist largely relies on the abilities of the Stellar Network and the Stellar ecosystem as a whole to disburse money to the needy as quickly as possible and at a very low cost. The platform is designed to enable the transfer to be done in a single batch to ensure a swift response to a crisis.
According to reports, the initiative leverages digital stablecoins. It also has an option where the senders can issue their assets. Once this option is satisfied, money can be sent to the approved recipient and will be reflected in the destination wallet instantly. This asset can then be cashed out by the recipient as needed and can be converted to local currency to spend.
More on the Stellar Aid Assist Utilizations and Partners
It is important to note that Stellar Aid Assist is also backed by the open-source bulk payment solution, Stellar Disbursement Platform, which can be accessed anywhere the internet is available. According to the team, the initiative is different from other assistance mechanisms mainly because it does not require a bank account or prepaid card. On top of that, it supports instant bulk disbursement, keeps value safer from theft, provides end-to-end traceability, and has a processing fee of around 1 US cent per 10,000 transactions.
The United Nations High Commissioner for Refugees (UNHCR), a United Nations agency that provides aid and protection to refugees, is among the first to pilot Stellar Aid Assist. Its move in the blockchain ecosystem was lauded by Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation.
SDF, together with UNHCR, is realizing the promise of blockchain and pioneering a new future for the delivery of billions of dollars in aid disbursed annually. Using Stellar, we are helping get funds into the hands of those who need them – and doing it quickly, transparently, and without the need for bank accounts or credit or debit cards. We are proud to work with UNHCR to deploy blockchain innovations that will play a role in assisting those in crisis.
Thanks to the collaboration of the Stellar Development Foundation, Circle, MoneyGram International, and the Vibrant Wallet application, the project was used to provide financial aid to Ukraine. Stellar has also confirmed that qualified Ukrainians are being provided with digital aid with USD Coin (USDC) paid to their phones.
Stellar Lumens (XLM) is currently down by 1.9 percent in the last 24 hours, trading at $0.12363. As of press time, the asset has a bearish market sentiment with a score of 33/100.
