Stablecoins aren’t just having a moment — they’re quickly becoming the plumbing of the global financial system. $46T in flow, $150B sitting in T-bills, and a growing list of use cases that go far beyond trading. 

In this issue, we look at how stablecoins helped move aid into one of the world’s toughest environments dramatically faster and cheaper — and why many Syrian farmers actually preferred USDC. We also dig into how AI could strengthen financial resilience, the rise of DeFi-powered credit in emerging markets, and what we’ve been sharing everywhere from the UK Parliament to a busy run of global crypto events. And of course, we highlight the builders in our network who are pushing real-world DeFi forward.   

Let’s get into it.

Syria has been cut off from the international financial system for over a decade. Since 2011, the country has been embroiled in civil war, resulting in heavy sanctions and counter-terrorism financing regulations from countries around the world. In this context, humanitarian actors struggle to deliver financial aid due to the lack of formal banking infrastructure, currency devaluation, and high transfer costs. 

Together with HesabPay and Pioneers Innovation, we deployed stablecoin rails for aid payments to participating farmers and agribusinesses in Northeast Syria. Aid funds were sent as stablecoins directly from our US-based treasury to the Mercy Corps Syria country office's HesabPay digital wallet. Funds were then distributed to digital wallets of 100 smallholder farmers, shared between 650-700 people in the Al-Hasakah region based on average household size. Participants could spend the digital money (USDC, pegged to the US Dollar) at participating vendors at their desired pace, without concern for currency fluctuations. 

Key Impact Findings 

• Striking efficiency gains: The pilot achieved a 96% reduction in payment time compared to traditional transfers, with funds reaching participants almost instantly instead of the typical 28-45 day timeline through IMTAs. 

• Significant cost savings: Transaction and distribution costs were reduced by 60% compared to traditional cash transfers via IMTAs and by 40% compared to discontinued e-voucher. Through stablecoin rails, 94% of every aid dollar has reached participants versus 90% or 85% through conventional methods (IMTAs and e-vouchers respectively). 

• Strong user adoption: Despite cultural preferences for physical cash, 72% of participants prefer to receive aid via stablecoins over cash in the future, citing increased safety (corruption, fraud and theft), speed of transactions and ease of use. 100% successfully used and spent their funds. 

• Enhanced transparency and compliance: The pilot provided 100% transaction traceability through blockchain rails, eliminating intermediaries, and reducing counterparty risks while meeting donor compliance requirements. 

Our Inclusive Fintech Lab is currently running a call for proposals around AI for Financial Resilience. We want to separate the signal from the noise and find the real AI-powered use cases that drive financial literacy, access, and usage in emerging markets. Selected partners will receive up to $50,000 in non-dilutive grant capital and 12 months of technical assistance support from our Venture Lab. 

If you’re working in this emerging space, we encourage you to learn more here.

In October, we were invited to speak at the UK Parliament in London about how crypto can drive innovation in the aid sector. Ken shared about the work that we’ve been doing in Myanmar, Syria, Afghanistan, Nepal, Sudan and more to an audience of policymakers, philanthropists and tech executives.  

With much gratitude to the GSR Foundation for hosting such a wonderful forum. 

Crypto event season never seems to end, does it?  

A few weeks ago, Scott and Ken were in New York City attending Ripple Swell and SmartCon. Nat is just getting back from DevCon in Buenos Aires. And a few of us will be in Abu Dhabi next month for Solana Breakpoint – shout if you’re around.

Ken appeared for a third time on Future Signal where, among other things, he discussed the importance of privacy preserving tech particularly for humanitarian aid delivery.

Stablecoins aren’t just having a moment — they’re quickly becoming the plumbing of the global financial system. $46T in flow, $150B sitting in T-bills, and a growing list of use cases that go far beyond trading. 

In this issue, we look at how stablecoins helped move aid into one of the world’s toughest environments dramatically faster and cheaper — and why many Syrian farmers actually preferred USDC. We also dig into how AI could strengthen financial resilience, the rise of DeFi-powered credit in emerging markets, and what we’ve been sharing everywhere from the UK Parliament to a busy run of global crypto events. And of course, we highlight the builders in our network who are pushing real-world DeFi forward.   

Let’s get into it.

Syria has been cut off from the international financial system for over a decade. Since 2011, the country has been embroiled in civil war, resulting in heavy sanctions and counter-terrorism financing regulations from countries around the world. In this context, humanitarian actors struggle to deliver financial aid due to the lack of formal banking infrastructure, currency devaluation, and high transfer costs. 

Together with HesabPay and Pioneers Innovation, we deployed stablecoin rails for aid payments to participating farmers and agribusinesses in Northeast Syria. Aid funds were sent as stablecoins directly from our US-based treasury to the Mercy Corps Syria country office's HesabPay digital wallet. Funds were then distributed to digital wallets of 100 smallholder farmers, shared between 650-700 people in the Al-Hasakah region based on average household size. Participants could spend the digital money (USDC, pegged to the US Dollar) at participating vendors at their desired pace, without concern for currency fluctuations. 

Key Impact Findings 

• Striking efficiency gains: The pilot achieved a 96% reduction in payment time compared to traditional transfers, with funds reaching participants almost instantly instead of the typical 28-45 day timeline through IMTAs. 

• Significant cost savings: Transaction and distribution costs were reduced by 60% compared to traditional cash transfers via IMTAs and by 40% compared to discontinued e-voucher. Through stablecoin rails, 94% of every aid dollar has reached participants versus 90% or 85% through conventional methods (IMTAs and e-vouchers respectively). 

• Strong user adoption: Despite cultural preferences for physical cash, 72% of participants prefer to receive aid via stablecoins over cash in the future, citing increased safety (corruption, fraud and theft), speed of transactions and ease of use. 100% successfully used and spent their funds. 

• Enhanced transparency and compliance: The pilot provided 100% transaction traceability through blockchain rails, eliminating intermediaries, and reducing counterparty risks while meeting donor compliance requirements. 

Our Inclusive Fintech Lab is currently running a call for proposals around AI for Financial Resilience. We want to separate the signal from the noise and find the real AI-powered use cases that drive financial literacy, access, and usage in emerging markets. Selected partners will receive up to $50,000 in non-dilutive grant capital and 12 months of technical assistance support from our Venture Lab. 

If you’re working in this emerging space, we encourage you to learn more here.

In October, we were invited to speak at the UK Parliament in London about how crypto can drive innovation in the aid sector. Ken shared about the work that we’ve been doing in Myanmar, Syria, Afghanistan, Nepal, Sudan and more to an audience of policymakers, philanthropists and tech executives.  

With much gratitude to the GSR Foundation for hosting such a wonderful forum. 

Crypto event season never seems to end, does it?  

A few weeks ago, Scott and Ken were in New York City attending Ripple Swell and SmartCon. Nat is just getting back from DevCon in Buenos Aires. And a few of us will be in Abu Dhabi next month for Solana Breakpoint – shout if you’re around.

Ken appeared for a third time on Future Signal where, among other things, he discussed the importance of privacy preserving tech particularly for humanitarian aid delivery.