Technology investor and former Coinbase chief technology officer Balaji Srinivasan has called on the cryptocurrency industry to develop more financial tools for refugees and stateless people.
On Saturday post WX Srinivasan said the number of displaced people could raise as global conflicts intensify and labor migration increases. He gave examples ranging from Ukrainians fleeing war to workers leaving Gulf countries amid regional tensions.
“We should build more crypto tools for refugees and stateless people,” Srinivasan wrote, suggesting that blockchain-based systems could provide financial infrastructure when established institutions fail or become unavailable.
Srinivasan described cryptocurrencies as a “war mode for the Internet,” arguing that decentralized networks are designed to operate even under hostile conditions such as cyberattacks, infrastructure failures or financial constraints. He said public blockchains can continue to process transactions even if centralized systems face disruptions.
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Crypto is rarely built for refugees, despite the clear need
His comments came in response to a separate post by Andi Duro, founder of research site TwoCents, who argued that while cryptocurrencies can effectively serve refugees, the industry rarely creates products specifically for them.
“It is very unfortunate that cryptocurrencies are the perfect solution for refugees who are stateless and forced to interact with failing institutions and payment systems,” Andi wrote. “But no one in the cryptocurrency industry is building for refugees because they are not useful consumers for gambling.”
However, Srinivasan noted that cryptocurrencies have had some success in building such tools. He drew attention to the growing role of stablecoins, which in his opinion are already gaining global reach as a borderless form of digital money. “But we can do more,” he added.
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Capital flight from the UAE is driving USDC
The market capitalization of the stablecoin USDC (USDC) is approaching a record high of $80 billion as supply has surged in recent weeks, Cointelegraph reported. Circulating supply of USDC reached about $79.2 billion, surpassing its previous high in December, after rising from about $70 billion in early February.
One Dubai-based analyst attributed the surge to capital flight from the United Arab Emirates amid property market turmoil. Since the beginning of the war, the DFM Real Estate Index has fallen sharply.
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