US Government Enlists USDC for ‘Global Foreign Policy Objective’ in Venezuela: Circle CEO

The stablecoin issuer is working with the U.S. government to bypass Nicolás Maduro and support the Bolivarian Republic of Venezuela led by Juan Guaidó. Allaire declined to identify which part of the U.S. government is working with Circle and Airtm, but said Circle had been licensed to distribute funds using USDC.

According to the company’s blog post, the Treasury Department and the Federal Reserve deposit funds seized by the U.S. into a bank account in the U.S. tied to the Guaidó government, which converts the funds into USDC that Circle then sends to Airtm. Funds flow through Circle to Airtm, which can then distribute USDC to any of its mobile digital wallet users.

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