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UN agency accepts first stablecoin donations worth $2.5 million to help Ukrainian refugees

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The United Nations High Commissioner for Refugees (UNHCR), a UN refugee agency, has accepted its first-ever crypto donations to provide humanitarian assistance to Ukrainians fleeing the war-torn nation.

UNHCR accepted $2.5 million in Binance USD (BUSD) stablecoin donations from Binance Charity to be used to rehabilitate and support refugees fleeing Ukraine to neighboring countries.

More than 10 million people have been evicted from their homes in Ukraine, according to a US report for UNHCR, and the agency will use crypto stablecoin charity funds to provide legal and social assistance.

Marie Gray, Executive Director and US CEO for UNHCR, said the crypto donation will prove critical to its efforts to help as many families as possible. Gray also commended the global crypto community for helping Ukrainians through this time of crisis, saying:

“This generous support will transform the lives of families forced to flee their homes and, more importantly, shows families that a caring and committed global community is stepping up to help in their darkest times.”

The conflict between Russia and Ukraine has created a humanitarian crisis in the region. Cryptocurrencies have proven to be one of the greatest tools for the troubled nation, receiving over $100 million in tracked crypto donations since the war began.

Related: Amid conflicts, NFT projects are already aiming to rebuild Ukraine

As Ukraine begged other countries for help and raised multiple calls for help in some form, crypto donors from around the world came together to donate millions. These crypto funds have already proven essential for the country to support various evacuation and rehabilitation efforts to help and save as many lives as possible.

Ukraine hasn’t just embraced crypto for donations; The country legalized digital assets and even launched its own untrustworthy token collection to raise more funds.