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, Original Author: Team Circle, Compiler: TOM, reprinted by Odaily with authorization.

Earlier this year, Circle decided to tackle a very important challenge — helping the Venezuelan government distribute emergency aid, especially to the country’s frontline medical workers, who are not only dealing with the new crown virus epidemic, but also suffering from hyperinflation. Due to the sanctions imposed by the Trump administration, the Venezuelan import and export market has been subject to currency and capital controls, domestic medical supplies and equipment are scarce, and the salaries of medical staff are also depreciating rapidly. Many local doctors are even starving and unable to work at all. This situation also leads to weakened immunity of people, patients cannot receive due treatment and exacerbated death.

In coordination with the U.S. government, fintech startup Airtm will use the U.S. dollar-backed, open, internet-based digital currency USDC to provide aid to the people of Venezuela, bypassing sanctions and delivering millions of dollars to local healthcare workers so they can continue Fight for the health and safety of the people of Venezuela!

South America is one of the continents hardest hit by the new crown virus. According to Amnesty International, the number of new crown virus infections in Venezuela may not be ready to be reported. Due to the political turmoil in the country, many doctors choose to flee Venezuela, while the salaries of the remaining medical staff are extremely low. Income is only $4-18 per month and there is a lack of personal protective equipment (PPE). After January 2019, the U.S. Treasury Department imposed sanctions on the Venezuelan regime. Due to currency controls, traditional Venezuelan banks must abide by strict foreign exchange rates, which also prevents these financial institutions from receiving payments, donations and remittances quickly.

• In order to deliver aid funds to Venezuelan medical staff fighting the new crown virus epidemic, governments around the world have begun to experiment with blockchain and fintech innovations.

• USDC "Lend a helping hand"

• In the new aid payment process, the aid funds will be released into the US bank account, and then the aid party will use the money to mint the US dollar stable currency USDC, and then the minted USDC will be sent to Airtm, which is a link between the bank and the blockchain. The U.S. dollar-denominated payment platform that can provide support for digital dollar payments throughout North, Central and South America. Within the Airtm network, USD to any currency Forex agents can withdraw local currency in Latin American bank accounts at free market rates. As long as USDC is received in the Airtm wallet, it will be issued to the Venezuelan medical staff's account in the form of AirUSD, which is a stablecoin-backed dollar token. Healthcare workers can now:

Withdraw the money at the free market rate and transfer it to a local bank account;

Send funds directly to other users;

Use the Airtm virtual debit card to shop directly online and purchase items.

All of the above operations do not need to go through a Venezuelan local bank.