British Virgin Islands — Nov. 22, 2022 — FoodChain Global (FCG), a unique blockchain organization that is focused on real world utility by providing funds to food banks through a combination of digital products and merchandise, today announced that it has teamed up with Circle, a global digital financial technology firm and the issuer of USD Coin (USDC) and Euro Coin (EUROC). FCG will leverage Circle’s payment solutions to send donations settled in USDC to local charities worldwide.
FCG was founded out of a need for more innovative organizational solutions to fight global hunger through appealing to Millennials and GenZ as a global trendsetting charity brand providing digital products that solve real world problems.
By enabling donation settlements in USDC, donation payments can foster trust by remaining publicly auditable on the blockchain and reach their destinations faster. As a result, settlement of the donations to food banks around the world will occur near-instantly using USDC, a fully-reserved dollar digital currency. A greater percentage of FCG’s donations are thus going directly where they are most needed. FCG’s first food bank in Brazil, Banco de Alimentos, also expressed interest in accepting direct USDC donations.
Shawn Kurz, FCG founder adds that, “Working with Circle offers many advantages, not least of which is a trustworthy, public record of transactions that is in my opinion one of the best use cases for blockchain technology in the real world. We have a new way of appealing to younger generations and engaging them with our work.”
“Donating to food banks around the world with USDC is a testament to the utility value of blockchain technology,” said Kash Razzaghi, Chief Revenue Officer at Circle. “FoodChain Global is innovating the way communities can donate and help fight against world hunger. We are excited to support the FCG team with always-on, global transactions using USDC.”
While FCG’s hunger-fighting mission has led it to distribute funds in several jurisdictions, the transfer of digital currencies to other entities can be an impediment to the swift transfer of funds given that it inevitably incurs forex charges, with sometimes considerable delays in the case of fiat conversions.
USDC is a fully-reserved dollar digital currency powered by blockchain technology and enjoys price parity with the U.S. dollar. As of November 18, 2022, USDC has more than $43 billion in circulation and has supported more than $3.8 trillion in on-chain transactions.