Polygon Co-Founder Backs Nepal Relief With Stablecoin Campaign
Polygon Co-Founder Sandeep Nailwal has launched a stablecoin donation campaign to support Nepal's disaster relief efforts after a devastating flood triggered by the collapse of a Himalayan glacier on August 26. The catastrophe left at least 750 dead and over 3,000 missing across Nepal and the Tibetan region of China.
The campaign, which converts received cryptocurrencies into Nepalese rupees before transferring them to the government, has received an initial contribution of $100,000 from Blockchain for Impact. Ripple contributed an additional $300,000 for humanitarian aid organizations, while the Solana Foundation raised $166,946 through an auction of advertising space.
Nailwal emphasized that using a dollar-backed stablecoin avoids exposure to the volatility of assets like Bitcoin or Ethereum, which is critical when funds need to arrive quickly. However, public blockchain records can only verify movements within listed wallets; they do not allow independent tracking of how funds are spent once they enter the banking or government system.