- Balaji Srinivasan urged crypto firms to build tools for refugees and stateless people as conflict disrupts access to finance.
- He said public blockchains can keep operating during cyberattacks, infrastructure failures, and payment restrictions.
- USDC supply reached about $79.2 billion, nearing a record $80 billion, as stablecoins gain wider cross-border use.
Balaji Srinivasan has urged the crypto sector to build products that can serve refugees and stateless people during periods of conflict, migration, and financial disruption. The former Coinbase chief technology officer said blockchain networks can offer access to money and payments when traditional systems become harder to use or stop working.
He made the remarks in a Saturday post on X, where he said the number of displaced people could rise as wars, regional tension, and economic movement continue across different parts of the world. His comments placed the focus on practical crypto use rather than speculation, with stablecoins standing out as one of the few tools already reaching users across borders.
Srinivasan frames crypto as infrastructure during disruption
Srinivasan said the industry should create more financial tools for people who lose access to banks, documents, or stable payment rails. He referred to refugees and stateless people as a group that may need portable and borderless financial access, especially when institutions become unreliable.
Srinivasan said crypto is a system built to function under pressure. Public blockchains were designed to keep operating during cyberattacks, infrastructure failures, and network restrictions.
Related: Srinivasan: Crypto as a Backup When Institutions Fail
Debate grows over who crypto products are built for
Srinivasan’s comments followed a separate post from Andi Duro, founder of research site TwoCents. Duro argued that crypto can help refugees dealing with weak institutions and failing payment systems, yet the sector rarely builds products for them because firms often focus on more profitable user groups.
That exchange pushed attention toward a long-running question in the industry. Many crypto products target traders, while fewer tools focus on payments, savings, identity, or cross-border access for displaced users. Srinivasan said some progress has been made, though he added that the sector still has more work to do in this area.
Stablecoins remain central to the current discussion
Srinivasan pointed to stablecoins as an example of crypto technology already moving toward broad consumer use. He said stablecoins are gaining global reach as borderless digital money, which makes them relevant in discussions about financial access during instability. Reuters also reported recently that USDC circulation rose 72% year over year in Circle’s fourth quarter, showing continued growth in usage.
Separate market reports added another layer to that discussion on Saturday. USDC’s circulating supply rose to about $79.2 billion, up from just over $70 billion in early February and above $75 billion earlier this month. The same report said the token’s market value was nearing the $80 billion level as demand increased in the Middle East.
Related: Circle (USDC) Announces 202% Profit Surge as Net Income Hits $214M in Q3 Report
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