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This week, the UN refugee agency, UNHCR, began accepting cryptocurrency for Ukraine donations.

On Tuesday, the UNHCR said that it had accepted $2.5 million in Binance USD, a stablecoin, to provide humanitarian aid to Ukrainians fleeing the war, marking the first time the agency was taking Ukraine donations in a stablecoin.

Stablecoins are cryptocurrencies pegged to a stable currency or commodity like the U.S. dollar or gold. Some of the most popular stablecoins are Tether, USD Coin, and Binance USD.

Ukraine has seen over 10 million people displaced due to the conflict, with 4 million Ukrainians seeking refugee in neighboring countries like Poland, Moldova, Romania and Hungary.

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The $2.5 million donation from Binance Charity, a blockchain philanthropy organization, will be mobilized toward providing emergency assistance and psychosocial support to Ukrainians during the conflict. Binance has committed to giving $10 million in donations, and has also crowdfunded nearly $900,000 in crypto from the broader crypto community.

"The BUSD donation is further demonstration of how cryptocurrency is playing a key role in raising vital funds and providing humanitarian aid for the crisis in Ukraine," UNHCR said in a statement.

“Every day we see more casualties, more destruction, more lives lost. Our hearts ache for the people of Ukraine," Helen Hai, Head of Binance Charity, said. "We are proud that we’ve been able to work with UNHCR to deliver its first BUSD crypto donation. UNHCR’s tireless efforts and second-to-none experience in assisting refugees, makes them an obvious choice to support as part of our $10 million USD in crypto donations.”