USD Coin Claims It Will Help Venezuela, But What’s the Truth?

The Scheme

If you’re wondering what use USDC may be to Venezuelans, well… so am I. But I’m wondering because this is literally how the cashflow sequence is explained in the announcement:

This is USDC’s own description of the process.
  1. Airtm stablecoins never need to be used.

Unexplainable

It’s hard to explain this away, because not only do Venezuelans want US dollars (not USDC), so sending the dollars themselves would be fine, but now we’re adding two layers of trust and two layers of transaction fees.

What Is Airtm?

Airtm is kinda like PayPal, I guess, but a lot more wonky and with a lot less users.

This look like a money services business to you?
This is taken from a CoinDesk article, available here.

That’s Only Airtm, What Else?

For starters, none of this will in anyway make it more difficult to trace these funds and/or block access to them by the Maduro regime — in fact, having all of this viewable on a highly regulated blockchain infrastructure may make it even more difficult for Gauido, and therefore frontline relief workers, to ever access these funds at all.

Who Cares?

I do, and hopefully some of you do, too. Why? Because either this points to extreme government negligence, wherein government agencies should be held responsible along with the corporate entities pushing grift, or it points to a stranger, more convoluted story that has yet to be unearthed.

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