Nepal Flood Relief Efforts Boosted by US-Based Stablecoin Donation Campaign

A tech entrepreneur in the US has launched a donation campaign to support people affected by floods in Nepal and contribute to the Government of Nepal's Prime Minister Disaster Relief Fund.

The campaign, which is powered by Polygon Labs' Open Money Stack, Coinme, and Cross River Bank, 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 (NPR 26.23 million) had been collected, according to NepalRelief.org.

'Stablecoins work best when money has to move fast to people who need it,' said Sandeep Nailwal, co-founder of Polygon Labs, in a LinkedIn post.