USDC, a dollar pegged ethereum based token with a current market cap of $2.7 billion, has been used for the first time by the American government to enact foreign policy. Once the USDC is received on Airtm wallets, it is then dispersed to accounts of Venezuelan healthcare workers as AirUSD (Airtm’s stablecoin-backed dollar token). Airtm’s network of dollar-to-anything forex agents enables withdrawals to local currency in Latam bank accounts at free market (vs. government-rigged) rates. Something that means as far as this space is concerned, America has become the latest to join Iran in using crypto to bypass sanctions. We suspect Iran has been doing so since last year, but they made it official recently by passing a law to use bitcoin for imports.
USDC, a dollar pegged ethereum based token with a current market cap of $2.7 billion, has been used for the first time by the American government to enact foreign policy.
Jeremy Allaire, the CEO of Circle which created USDc together with Coinbase, stated “stablecoins are now a tool of US foreign policy.”
In a fairly detailed description, Circle says they partnered with the Bolivarian Republic of Venezuela, led by President-elect Juan Guaido, and U.S.-based fintech innovator Airtm to bypass the Maduro government to deliver aid to Venezuela with America’s backing:
“In this new aid delivery flow, the US Treasury and Federal Reserve releases seized funds to the Guaidó government’s account at a US bank. The Guaidó government then uses those funds to mint USDC.
The USDC is then sent to Airtm, a bank-and-blockchain...
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