- Russia sent a cluster of missiles on Ukrainian cities yesterday.
- The UN will use the Stellar Network to help Ukraine.
- Ukraine has received a lot of donations in crypto assets.
USDC To Help in Ukraine’s Stability
Russia’s anarchist approach towards Ukraine has caused a lot of imbalance not just in the nations involved in the war, but to the entire global economy. Several governments and sectors have come to Ukraine’s aid during the conflict which has helped them stand strong against their enemies. Recently, the UN announced that they will use the Stellar (XLM) Network to send USDC, a stablecoin by Circle and Coinbase, to help displaced citizens in the country.
The initiative will help secure the funds for the refugees and allow them to carry it without any risk of loss or theft while they are on the move. The Washington Post reported yesterday that Russia has sent a barrage of missiles on Ukrainian soil including Kyiv, Kharkiv, Sumy and Polkava. Officials report that a direct hit on a residential building left 3 dead and thirteen injured.
The attack happened after the European Union and the United States announced that they will provide more aid in the times of crisis. The Pentagon will start the training of large Ukrainian soldier formations in the beginning of 2023, meanwhile the EU has stacked $19.1 Billion to finance the victim nation.
People will be required to download Vibrant, a digital wallet, to receive and exchange USDC. Crypto sector has actively been helping Ukraine with a massive donation coming in parts from the community. To this date the country has received a total of $63.8 Million in digital assets.
In March 2022, Gavin Wood, CEO of Polkadot, donated $5.8 worth of DOT tokens. The NFT sector came to the rescue too where $200K were offered via a CryptoPunk sale. An NFT created by Julian Assange and PAK raised $1.86 Million for the cause. The war torn nation reported that they used these assets to acquire the necessary war equipment to ward off the evil away from their soil.
Stellar (XLM) Network Price Analysis
XLM has lost over 75% value since the beginning of the year. The coin broke $0.741 support levels, but quickly re-entered the zone. The asset traded at the yearly high of $0.285 in January 2022. The network saw a lot of investors quitting their positions by mid-Jan pulling the value to a monthly low of $0.168.
The Relative Strength Index (RSI) shows an oversold position where, indicating potential buyer interest. Anchored VWAP shows resistance far from Stellar’s reach considering the asset’s current stand. In May 2022, Stellar Development Foundation announced that they are joining hands with Mercado Bitcoin, the leading cryptocurrency exchange in Latin America.
Source: https://www.thecoinrepublic.com/2022/12/17/un-to-use-stellar-xlm-network-and-usdc-to-stabilize-ukraine-refugees/