Circle, a firm that issues stablecoins, has just announced its plans to provide aid to Venezuelan healthcare workers. It will be done in cooperation with the U.S. government and Airtm, a Latin American crypto exchange.
Venezuela has been facing a lot of hardships due to the COVID-19 pandemic as the country has been hit hard by it. Circle now aims to provide funds to the healthcare workers of the country to help them deal with the pandemic and crisis caused by it.
Healthcare Workers Will Receive Circle USDC Stablecoins as AirUSD
Moreover, Circle has started the complete procedure through which the funds will be transferred to the healthcare workers. It stated:
“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.”
All the USDC stablecoins that will go to the Airtm wallets will be ultimately converted into AirUSD. This means that the healthcare workers will receive the USDC stablecoins provided by Circle in the form of AirUSD. They will be able to withdraw them at the bank, spend them online, or transfer them to someone. The firm believes that through this, they will be able to provide millions of dollars of funds to the healthcare workers who are working hard for the health and safety of the people.
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
Airtm Blocked in Venezuela Since 2018
Despite being such a great step in helping the healthcare workers, there have been a lot of criticisms as well. A lot of people don’t like the idea of exporting dollars to a third-world country. Airtm, through which the funds are transferred has been blocked in the country since 2018. The firm has revealed that the local ISPs in Venezuela has blocked the Airtm.com web app. The firm has recently issued its android app to tackle the accessibility issue.