Circle Foundation Provides Funding to UNDP and WFP to Explore Stablecoin Payments
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The Circle Foundation has announced funding to the United Nations Development Programme (UNDP) and the World Food Programme (WFP) to explore the application of digital payments and digital financial infrastructure in humanitarian assistance and development projects. The funding will be used to research how to utilize digital payments and regulated payment stablecoins to disburse funds to aid recipients more quickly, transparently, and at a lower cost. For UNDP, the funding will be used to establish and operate a "Digital Asset Innovation Pool" to help country offices scale up previous digital payment pilot projects conducted in Syria, Haiti, Guatemala, and Gambia to regular project implementation, providing support for regulation, operations, and beneficiary protection. This mechanism will serve as a complementary option outside of existing payment systems. For WFP, the funding will support the establishment of governance, risk management, funding, reconciliation systems, and compliance tools necessary for stablecoin payments, as well as the integration of local fintech and mobile payment services. Over the next three years, WFP plans to test 2 to 3 payment corridors connecting its payment systems with local financial service providers and markets to assess the performance of stablecoin payments in terms of efficiency, transparency, and resilience.
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