Balaji Srinivasan, a tech investor and former chief technology officer at Coinbase, has urged the crypto industry to develop more financial tools designed for refugees and stateless individuals.
In a Saturday post on X, Srinivasan warned that the number of displaced people could continue to rise as global conflicts intensify and economic migration increases. He pointed to examples such as Ukrainians fleeing war and migrant workers leaving Gulf countries amid escalating regional tensions.
Srinivasan argued that the crypto sector should focus more on building services for people who lack access to stable financial systems. According to him, blockchain-based networks can provide an alternative financial infrastructure when traditional institutions become inaccessible or fail during crises.
He described cryptocurrency as a kind of “wartime mode for the internet,” suggesting that decentralized systems are designed to function even in hostile conditions such as cyberattacks, infrastructure breakdowns or financial restrictions. Public blockchains, he said, can continue processing transactions even if centralized systems are disrupted.
Limited focus on refugee-focused crypto tools
Srinivasan’s remarks were in response to comments from Andi Duro, founder of the research platform TwoCents, who argued that the crypto industry rarely develops products specifically aimed at refugees.
Duro noted that while cryptocurrency could be particularly useful for people who are stateless or forced to deal with failing institutions and payment systems, few companies prioritize building tools for them. He suggested this is partly because refugees are often not viewed as profitable users compared with traders focused on speculative activity.
Balaji Srinivasan also acknowledged that the crypto industry has already made some progress in creating tools that could help vulnerable populations. He highlighted the growing role of stablecoins, noting that they are increasingly being used worldwide as a borderless form of digital money, though he added that the industry still has more work to do.
Capital flight pushes USDC supply higher
As previously reported, the market capitalization of the USDC stablecoin is approaching a record $80 billion as its supply has surged in recent weeks. Circulating supply has climbed to about $79.2 billion, surpassing the previous peak recorded in December after rising from roughly $70 billion in early February.
According to a Dubai-based analyst, the increase may be partly linked to capital flight from the United Arab Emirates amid instability in the country’s real estate sector. The DFM Real Estate Index has fallen sharply since the start of the conflict, prompting some investors to move funds into stable digital assets such as USDC.
