- The Stellar Development Foundation has announced its partnership with the United Nations High Commissioner for Refugees (UNHCR) to help refugees in Ukraine.
- The decision to go with USDC may be due to USDT’s recent troubles.
On December 15, the Stellar Development Foundation more dangerous Its partnership with the United Nations High Commissioner for Refugees (UNHCR) to provide cash assistance to Ukrainian refugees in the form of US Dollars (USDC) on the Stellar Network.
Today, the United Nations High Commissioner for Refugees (@employee) and the Stellar Development Foundation, announced the launch of a first-of-its-kind pilot blockchain payment solution to distribute digital cash to internally displaced persons and others affected by the war in Ukraine. https://t.co/rdh5OpxQrz
– thumbs up (@StellarOrg) December 15, 2022
Intended assistance will be provided through the use of stellar helpwhich is designed as a blockchain-enabled solution that aid organizations can deploy to provide assistance to those who may need it.
Read the stars [XLM] Price forecast 2023-24
Through the assistance program, USDC will be delivered and made redeemable by refugees in local currency at any MoneyGram location.
Stellar’s decision to run its utility program outside of USDC may be due to skepticism about competing stablecoin Tether (USDT) reserves.
Recent months have been marked by a series of concerns about the state of USDT reserves. There have been persistent concerns about whether Tether, the USDT stablecoin issuer, has enough reserves to support the entire amount of USDT in circulation.
In September it was Tether Command by a US judge in New York to produce “ledgers, balance sheets, income statements, cash flow statements, and income statements,” including all transactions or transfers of cryptocurrency or other stablecoins by Tether, along with details of the timing of those transactions.
Moreover, the leading cryptocurrency trading platform, Coinbase, is in range blog posts On December 8, it encouraged its users to convert USDT to USDC for free. This is a backdoor attack on USDT as Coinbase is a co-founder of USDC, exposing the battle for market share between stablecoin issuers.
Justin Sun, founder of the Tron blockchain, ramped up a FUD risk against USDT on December 13 after exchanging 15,432,715 USDT for 15,435,455 USDC and transferring it to Circle, the USDC issuer.
Then transfer 33911530 BUSD dollars for Paxos wardrobe.
– Lookonchain (lookonchain) December 13, 2022
Interestingly, despite its recent troubles, USDT has the largest share of the stablecoin market share with a market capitalization of over $60 billion, data from CoinMarketCap shows.
If you have xlm
At the time of publication, Stellar’s native XLM coin was changing hands at $0.08203. Still lingering under the weight of the unexpected fallout for FTX, its value has fallen by 11% in the past month.
XLM’s assessment on the daily chart revealed a sharp decrease in coin accumulation over the past few weeks. Major indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) are tied below neutral territory at press time.
Similarly, in a downtrend, volume on the balance of XLM pegged at 21.825 billion, indicating lower accumulation of XLM.