Circle to Partner with Charity Firm as US Wants to Regulate Stablecoins

The Circle is the organization behind the USDC stablecoin. The firm has recently partnered with one of the biggest charity and disaster-relief organizations named Endaoment this year. It is worth noting that Central Banks and many US politicians have been critical towards digital assets and more particularly stablecoins.

Under these circumstances, many businesses and retail investors have started to distance themselves from stablecoin projects like Tether and USDC among others. However, the latest move of Circle seems to be an attempt to improve its image in the public eye and score some redemption in the process.

Recently, a series of harsh tornados swept across the U.S Midwestern and Many Southern areas in California.  Some meteorologists recorded wind speed reaching as high as 150 miles per hour. Among all the disasters, the biggest number of material and life loss was done in Kentucky. Media reports revealed that as many as 74 casualties were confirmed and more than 100 missing people are still unaccounted for.

Circle incorporation with Endoament seeks to raise $1 million in disaster relief funds to aid the affected masses. The proceeds from the charity are going to be donated to organizations like American Red Cross. Blockchain users and investors will be able to participate in the funding process by using the connected digital wallet. The minimum charity grant is set at $20 per person.

According to the latest details provided by the charity venture, the funds from the proceeds are going to be divided into 7 parts that will be awarded to several public response organizations. These organizations include American Red Cross, Center for Disaster Philanthropy, All Hands and Hearts, Mutual Aid Relief, Midwest Food Bank NFP, Team Rubicon, and Western Kentucky Tornado Relief Fund.

Founder and CEO of Endaoment Robert Heeger recently told the media that the organization has been able to collect as much as $11 billion thus far for different charity events. He further added that with the help of the Circle, it will be possible for the company to expand its operation and reach a new and vast array of donators that can help the cause greatly.