- Tech investor and former Coinbase CTO Balaji Srinivasan advocates for more crypto tools for refugees and stateless people, citing increasing global displacement.
- He argues cryptocurrencies function as “wartime mode for the internet,” operating during infrastructure failures or financial restrictions where traditional systems falter.
- An industry researcher noted a lack of products built for this demographic, as they are not perceived as lucrative consumers by much of the sector.
- The circulating supply of the USDC stablecoin is surging, with one analyst linking part of the growth to capital flight from the United Arab Emirates.
Tech investor and former Coinbase chief technology officer Balaji Srinivasan called on the crypto industry this past Saturday to develop more financial tools for refugees and stateless people. His post on X suggested blockchain solutions become critical as global conflict and economic migration displace more individuals.
Srinivasan described crypto as “wartime mode for the internet,” designed to function under hostile conditions like cyberattacks or infrastructure failures. Consequently, public blockchains can process transactions even when centralized financial systems face severe disruptions or become inaccessible.
However, his comments responded to a separate post acknowledging crypto’s potential for stateless individuals is often unrealized. Andi Duro, founder of research site TwoCents, argued nobody in crypto builds for refugees because they’re not useful consumers for gambling.
Meanwhile, Srinivasan noted stablecoins like USDC are gaining global reach as borderless digital money. USDC’s circulating supply is now nearing $80 billion, recovering sharply from about $70 billion in early February. According to reports, a Dubai-based analyst linked this surge partly to capital flight from the UAE amid regional turbulence.
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