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Balaji Shrinivasan has urged crypto firms build tools for refugees, stateless people and other people who are unable to access finance due to conflict.
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He said that public blockchains could continue to operate even if they are subjected to cyberattacks or infrastructure failures.
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USDC supply has reached $79.2 billion and is nearing an all-time high of $80 billion as stablecoins are used more widely across borders.
Balaji Srinivasan urged the crypto industry to build products which can help refugees and stateless persons during times of conflict, migration and financial disruption. The former Coinbase Chief Technology Officer said that blockchain networks can provide access to money and payment when traditional systems are difficult to use or stop functioning.
In a post he made on X on Saturday, he said that the number of displaced persons could increase as wars, tensions in different regions, and economic movements continue around the world. His comments focused on practical crypto use, rather than speculation. Stablecoins stood out as one of the only tools that already reach users across borders.
Srinivasan frames cryptocurrency as an infrastructure during disruption
Srinivasan suggested that the industry create more financial instruments for people who do not have access to stable payment systems, bank documents, or banks. He said refugees and stateless individuals may need borderless and portable financial access, particularly when institutions become unreliable.
Srinivasan stated that crypto is a system designed to function under pressure. Public blockchains are designed to continue operating even during cyberattacks and infrastructure failures.
Related Srinivasan: Crypto As A Backup When Institutions Fail
The debate over who crypto products are designed for is growing
Srinivasan made his comments in response to a separate blog post by Andi Duro. He is the founder of research website TwoCents. Duro argued crypto can help refugee dealing with weak institutions, failing payment systems and the like. Yet, the sector rarely builds products to help them because firms focus on more lucrative user groups.
This exchange brought to light a question that has been lingering in the industry for a long time. Many crypto products are aimed at traders, but fewer focus on payments, saving, identity or cross-border accessibility for displaced users. Srinivasan acknowledged that some progress had been made in this area, but he said the sector still had more work to be done.
Stablecoins are still at the forefront of the current discussion
Srinivasan cited stablecoins, as an example of crypto-technology that is already moving towards a wide consumer base. He said that stablecoins have a global reach and are borderless digital currency, making them relevant to discussions about financial access in times of instability. Reuters reported that USDC circulation increased 72% in Circle’s 4th quarter compared to the previous year, indicating continued growth.
Separate market reports added a new layer to this discussion on Saturday. USDC’s supply has risen to $79.2 billion from $70 billion at the beginning of February and $75 billion earlier in the month. The same report stated that the token’s value was approaching $80 billion as demand in the Middle East increased.
Related:Circle Announces 202% Profit Increase as Net Income Hits $114M in Q3 Report
