Tokenized Dollars Used in Official American Foreign Policy For the First Time

american gov usdc venezuela foreign policy nov 2020

USDC, a dollar pegged ethereum based token with a current market cap of $2.7 billion, has been used for the first time by the American government to enact foreign policy. Jeremy Allaire, the CEO of Circle which created USDc together with Coinbase, stated “stablecoins are now a tool of US foreign policy.” In a fairly detailed description, Circle says they partnered with the Bolivarian Republic of Venezuela, led by President-elect Juan Guaido, and U.S.-based fintech innovator Airtm to bypass the Maduro government to deliver aid to Venezuela with America’s backing: “In this new aid delivery flow, 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, a bank-and-blockchain connected dollar-denominated payment platform that powers digital dollar payments throughout North, Central, and South America. Airtm’s network…

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