Tech investor and former Chief Technology Officer of Coinbase Balaji Srinivasan has called on the crypto industry to develop more financial tools for refugees and stateless people.
In a Saturday post on X, Srinivasan said the number of displaced persons could increase as global conflicts intensify and economic migration increases. He pointed to examples ranging from Ukrainians fleeing war to workers leaving the Gulf amid regional tensions.
“We must create more crypto tools for refugees and stateless people,” Srinivasan wrote, suggesting that blockchain-based systems could provide financial infrastructure when traditional institutions fail or become inaccessible.
Srinivasan described crypto as a “wartime mode for the Internet”, arguing that the decentralized network was designed to operate even in adverse conditions such as cyberattacks, infrastructure failure or financial sanctions. He said that public blockchains can continue processing transactions even if centralized systems suffer disruptions.
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Crypto rarely builds for refugees despite clear need
His comments came in response to a separate post by Andy Duro, founder of research site Toussaints, who argued that while crypto can effectively serve refugees, the industry rarely creates products specifically for them.
“It is very unfortunate that crypto is a great solution for refugees who are stateless and forced to interact with crumbling institutions and payment rails,” Andy wrote. “But no one in crypto builds for refugees because they are not useful consumers for gambling.”
However, Srinivasan said crypto has had some success in creating such devices. He pointed to the growing role of stablecoins, which he said are already gaining global reach as a borderless form of digital currency. “But we can do much more,” he said.
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UAE capital flight boosts USDC
As Cointelegraph reported, the market capitalization of the USDC stablecoin is nearing a record $80 billion as supply has surged in recent weeks. The circulating supply of USDC reached nearly $79.2 billion, surpassing its previous high set in December after increasing from nearly $70 billion in early February.
A Dubai-based analyst attributed the increase to capital flight from the UAE amid turmoil in the real estate market. The DFM Real Estate Index has declined rapidly since the beginning of the war.
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