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24 November 2020

US Government to Use USDC Stablecoin to Bypass Venezuela's Maduro - Decrypt

US Government to Use USDC Stablecoin to Bypass Venezuela's Maduro - Decrypt


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Circle, which along with Coinbase issues the USDC stablecoin, announced today that it has coordinated with the US government and Latin America crypto exchange Airtm to route aid for Venezuelan healthcare workers through the Latin American country's government in exile.

Now, says Circle, it has stepped in so that it can provide funds to Venezuelan healthcare workers as the country has been hit hard by COVID-19.

The Guaidó government then uses those funds to mint USDC.

According to Circle, this will "bypass the controls imposed by Maduro over the domestic financial system and put millions of dollars of funds into the hands of people fighting for the health and safety of the people of Venezuela.".

The Treasury Department has actually been sending funds to Venezuelan health workers since September—using funds seized from the Maduro government

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