Polygon has created a fund for victims in the latest Nepal flooding.
Polygon has launched a dedicated fund called Nepal Relief. Donors are able to send donations in USDC stablecoin on Polygon and Ethereum, with $167K currently raised to date.
The charity chosen for managing and distributing the funds is Engage Nepal, working in collaboration with the Government of Nepal Relief Fund to help those affected.
The fund continues to seek ongoing assistance.
Stablecoin Aid
Humanitarian aid and relief is a key use-case for stablecoins.
In the case of Nepal, the Relief Fund uses Polygon’s Open Money Stack to process the stablecoin transfers occurring in real-time. This is also in partnership with Cross River Bank.
Recently, Nepal as a country has experienced horrendous flooding near the border with China following a glacier fall on the 27th August. Sadly, many victims in nearby towns are still in the process of being found by local emergency response teams and volunteers.
Other companies in the space have also separately provided assistance, such as Ripple donating $300K to Mercy Corps and World Central Kitchen. Also, Solana auctioned off ad spaces in USDC on their social media logo to raise donations.
A year ago, Ripple also used RLUSD to donate to domestic U.S. causes for military veterans, while in January Circle teamed up with UN projects to improve stablecoin aid transfers.
This is an area that isn’t being highlighted as often as others. However, it is just as important for improving global financial funding systems and corridors.
