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- Stablecoin or crypto owners can contribute funds to aid the mid-western American communities impacted by the deadly tornado
- Users can donate any amount with a minimum of $20
- Circle and Endaoment hope to raise $1 million in grants to support the American Red Cross and local Non-Profit Organizations (NGOs)
- The funds will be distributed in $20k intervals to seven participating charities
Stablecoin like USDT and USDC is seeing notable adoption over the past few days. The National Unity Government (NUG), the shadow government of Myanmar, has adopted a stablecoin to enhance their trade speed and payment efficiency. On the other hand, yet another fiat-pegged cryptocurrency philanthropy initiative has been launched. Recently, Circle, the firm that issued USD Coin (USDC) and Endaoment, a public charity, collaborated to introduce a disaster relief fund. The fund would be helping the mid-western American communities impacted by the deadly tornado faced last week.
Contribute USDC or other cryptos as charity
An unusual cluster of tornadoes swept across the United States before this week. The tornado’s speed was calculated to be nearing 150 mph. It has been observed that Kentucky is one of the hardest-hit states. As per local reports, the state had about 74 fatalities, and more than 100 residents are still missing.
Circle and Endaoment hope to raise $1 million in grants to support the American Red Cross and local Non-Profit Organizations (NGOs). Through Endaoment, enthusiasts in the blockchain and crypto ecosystem would be able to contribute to stablecoin USDC or other digital currency directly. On the Web3.0 platform, users will have to connect their wallets and can donate any amount with a minimum of $20.
Funds will be distributed among seven charities
The funds will be distributed in $20k intervals to seven participating charities, according to the announcement. These charities include the Team Western Kentucky Tornado relief fund, Center for Disaster Philanthropy, Team Rubicon, All Hands and Hearts, Midwest Food Bank NFP, American Red Cross, and Mutual Aid Relief. Notably, at press time, the stablecoin relief fund has received more than $7,900.
Crypto helps in autonomous fundings
According to Robert Heeger, the founder and the CEO of Endaoment, the organization is able to grant millions of dollars to about three hundred firms this year. Indeed, such grants were possible just because of its incredible partnerships with firms like Circle. And with the latest collaboration, Endaoment can expand its reach and continue to empower the community to allocate charitable gifts to causes in need of funding autonomously.
