The USA resorted to stable crypto money in foreign policy. In the statement made by Circle, it was reported that a line was established between the USA and Venezuela with the support of the US government in order to deliver aid to Venezuela. USDC plays a key role in this line.
Stable cryptocurrencies are now being used as a tool in American foreign policy.
Circle company, the issuer of the stable crypto currency USDC, supported by the US dollar at a ratio of 1: 1, announced that a money line was established between the US and Venezuela with the support of the American government in order to deliver aid to the Venezuelan people in the middle of the Kovid-19 epidemic.
According to the statement, this line was created thanks to the cooperation developed with the Bolivarian Republic of Venezuela under the leadership of Juan Guaido, recognized by the US as president, and the American fintech company Airtm. The US government personally supported the establishment of this cooperation.
With this line where crypto money will be used, Maduro’s controls over the financial system in the country will be overcome. In the statement, it was stated that millions of dollars of support will be provided to the Venezuelan people, especially healthcare professionals.
The system works as follows:
Guaido government coins in an American bank are used to issue USDC.
These USDCs are sent to Airtm.
After USDC is sent to Airtm wallets, it is distributed in the form of AirUSD to Venezuelan healthcare workers’ accounts. AirUSD is Airtm’s stable crypto-backed dollar token.
Using Airtm’s virtual debit card, healthcare professionals can withdraw Bolivars to their local bank accounts, send them to other users, and spend the money anywhere online. Airtm network has more than half a million users in Venezuela.
It is noted that Maduro cannot prevent ordinary Venezuelans from opening an account at Airtm or gaining access to their money there. It is stated that if this system is banned in the country, it can be easily accessed with VPN.
Circle evaluates this development as “the historical moment when the US turned to stable cryptocurrencies to implement its foreign policy goals”.
Breakthrough use-case for $USDC — with US Govt permission, we partnered with the exiled govt of Venezuela (@jgauido) and Airtm @theairtm to distribute aid to people and healthcare workers in Venezuela. Stablecoins now a tool of US foreign policy — https://t.co/50NoXNMJCz
— Jeremy Allaire (@jerallaire) November 20, 2020