Gate News, March 16 — Technology investor and former CEX Chief Technology Officer Balaji Srinivasan recently called on the crypto industry to develop more blockchain-based financial tools for refugees and stateless individuals to address the financial service gaps caused by global conflicts and population displacements.
Srinivasan stated on social platform X that as regional conflicts and economic instability intensify, the number of displaced people worldwide may continue to rise, such as Ukrainians fleeing war and foreign workers leaving the Gulf region due to geopolitical tensions. When traditional financial systems cannot provide services or infrastructure is damaged, blockchain networks can serve as alternative financial infrastructure.
He described cryptocurrencies as “wartime mode of the internet,” believing that decentralized networks are inherently resistant to interference. Even in environments of cyberattacks, financial sanctions, or infrastructure disruptions, public blockchains can continue processing transactions. This feature gives them unique value during conflicts or emergencies.
However, industry observers point out that despite the real demand from refugees for cross-border fund transfers, asset storage, and payment tools, the crypto industry has developed very few products targeting this group. Andi Duro, founder of research platform TwoCents, believes that in theory, crypto assets could help refugees solve issues of financial identity and cross-border payments, but due to lack of commercial incentives, product development has been slow.
Meanwhile, stablecoins are playing an increasingly important role in global capital flows. Data shows that the circulating market cap of USD stablecoin USDC has approached $80 billion, reaching about $79.2 billion, nearing its all-time high. Market analysis suggests that this growth is partly related to capital flow changes in the Middle East.
A Dubai-based analyst noted that due to financial market uncertainties caused by regional conflicts, the UAE real estate market has recently experienced volatility, with Dubai’s real estate index significantly declining. Some funds are moving cross-border through stablecoin channels. Srinivasan stated that stablecoins have demonstrated their potential in the global digital payment system, but more specialized crypto financial tools for vulnerable groups are still needed in the future.
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