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

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


Payments startup Circle is getting political.

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.

Circle is using USDC, the dollar-pegged stablecoin it issues with Coinbase, to distribute relief funds to medical workers and other Venezuelan locals, it announced Friday

CEO Jeremy Allaire told CoinDesk this was his company’s first government partnership.

“The partnership, obviously, is with the exiled government,” Allaire said in an interview. “The history here is many countries, including the United States, recognize President-elect Juan Guaidó as the president of Venezuela. Maduro did not accept the results of an election and maintained power.”

Maduro was declared an “usurper” by Venezuela’s national assembly, which named Guaidó the interim president in January 2019, according to BBC News.

“As that happened and sanctions were imposed, funds that belonged to the government were seized,” Allaire

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