The US authorities attracted the Issuer of stablecoins Circle to circumvent the regime of Nicolas Maduro

Stablecoin Issuer Circle has partnered with us authorities to implement a plan to bypass the government of Nicolas Maduro in Venezuela and support opposition leader Juan Guaido.

Circle, together with the Coinbase exchange, issues the USDC stablecoin based on the US dollar. The us authorities intend to use it to distribute cash payments to medical workers and other residents of Venezuela.

Circle CEO Jeremy Aller noted that this is their first experience working with the state. He explained that the United States, like a number of other countries, recognizes Guaido as the legitimate President of Venezuela, not Maduro. This led to the imposition of sanctions and the confiscation of funds belonging to the current leadership of the country.

The us Treasury Department tried to send money to Venezuelans directly, but faced actions by Maduro aimed at blocking such payments. The local Airtm crypto exchange was involved in the program, but the success of the initiative was limited.

According to the company's blog post, the justice Department and the Federal reserve transfer money confiscated from Maduro's US accounts to accounts linked to the Guaido government, after which it is converted to USDC, and Circle sends it to Airtm. Subsequently, USDC is distributed to users of the exchange's mobile wallet.

"In a way, this is a way to circumvent the state-controlled banking system and distribute money directly to people. This is the first time that the United States implements goals in international politics with the help of a stablecoin, because the existing banking system cannot do this, " Aller added.