Davos, Switzerland – The United Nations (UN) has received a grant from the Circle Foundation to bolster its cross-border refugee aid efforts through digital financial infrastructure upgrades. The announcement was made at the World Economic Forum in Davos.
The funding will support the UN's Digital Hub for Treasury Solutions (DHoTS) in streamlining cross-border fund transfer processes within the UN system. DHoTS, founded by the UN Refugee Agency (UNHCR) in 2021, is a joint UN platform that aims to create an integrated Financial Gateway using next-generation banking and risk management technology to strengthen financial resilience across UN systems. It has expanded to include 15 agencies, including the United Nations Development Programme (UNDP), the International Organization for Migration (IOM), the World Meteorological Organization (WMO), the Organisation for Economic Co-operation and Development (OECD), and the International Civil Aviation Organization (ICAO), with technical support from the United Nations International Computing Centre.
This grant marks the Circle Foundation’s first international grant. The initiative builds upon Circle's previous collaboration with UNHCR, where the USDC stablecoin was used to distribute aid to displaced persons in Ukraine. Circle noted that approximately $38 billion in annual humanitarian funding still relies on traditional financial systems. Digital financial infrastructure has the potential to significantly improve the efficiency of fund utilization, with blockchain-based banking pilots demonstrating potential cost savings of up to 20%.
Alexander De Croo, Administrator of the UN Development Programme, stated that stablecoin payments could help "make every dollar go further" in a context of tight budgets. Barham Salih, High Commissioner of the UN Refugee Agency, said the project aims to enhance the dignity and choice of forcibly displaced populations through technological means, while maximizing the practical impact of donated funds.
The Circle Foundation is a philanthropic initiative supported by Circle Internet Group, Inc.’s 1% equity commitment. The grant will support digital financial infrastructure across UN Ecosystems and its stakeholders. UNHCR's blockchain-based banking pilots demonstrate how next-generation digital financial infrastructure, including regulated stablecoins, can deliver human-centered aid faster, with full traceability, stronger accountability, and promising initial cost savings. By using regulated stablecoins for program payments and cross-border transfers, costs can be reduced, transparency improved, and more inclusive and trustworthy financial systems built.
