Stablecoin Campaign Raises Over $170k for Nepal Flood Relief
India-born entrepreneur Sandeep Nailwal has launched a stablecoin-based campaign to support Nepal flood victims and contribute to the Prime Minister Disaster Relief Fund. The initiative enables global crypto donations, which are converted into local currency for relief efforts.
Nailwal's campaign allows people around the world to donate in stablecoins through NepalRelief.org, with the funds converted into local currency and directed to the government's relief fund. As of 9:30 a.m Sunday (Nepal time), $173,202 ($26.23 million NPR) had been collected.
Nailwal, co-founder of Polygon Labs, one of the world's most widely adopted blockchain platforms, explained that stablecoins work best when money has to move fast to people who need it. The campaign is powered by Polygon Labs' Open Money Stack, Coinme and Cross River Bank.