EuroFinance

UNHCR, the UN Refugee Agency’s Treasury team has been recognised with the EuroFinance Treasury Excellence Award 2025 in the Technology Transformation category for its pioneering use of blockchain and stablecoins to enhance humanitarian aid delivery.

“We had to re-imagine how we support people forced to flee,” said Carmen Hett, UNHCR Treasurer. “With funding under pressure and emergencies multiplying, we knew we had to make impact possible, even with fewer resources. That urgency became the catalyst for change,” Hett explained. “UNHCR’s Treasury team demonstrated strategic agility by leveraging emerging digital technologies to overcome systemic banking barriers and provide inclusive humanitarian assistance.”

Also read: Winners announced for the EuroFinance Treasury Excellence Awards 2025

Streamlining aid in unstable situations

UNHCR adopted blockchain payment solutions, introducing tokenisation, and stablecoins as part of its efforts to further improve core operational aspects of its aid delivery: efficiency, speed, and transparency. UNHCR has supported over 238,000 people forced to flee through blockchain-powered aid between 2022 and 2025, across countries like Ukraine, Argentina and Afghanistan, complementing its broader financial support programme for refugees and displaced people.

Moreover, “stablecoins protect the value of aid in high-inflation settings such as Argentina,” explained Hett. “They allow us to transfer aid cross-border directly to people in need without bank accounts—something conventional banking systems still struggle and cannot do for many refugees.”

In Argentina, where inflation reached 237% in August 2024, stablecoins ensured refugee families retained the value of their assistance, which was mostly used for business start-ups to promote their self-reliance.

In Ukraine, where UNHCR launched its first blockchain-based project in December 2022, by reducing transaction fees by up to 4% and protecting the actual value transferred, UNHCR increased significantly benefits and savings all-around. These efficiencies directly translated into the ability to reach more people forced to flee—a financial innovation dividend that directly supports UNHCR’s mission to protect, assist and find solutions for  those forcibly displaced.

In Afghanistan since February 2025, UNHCR has also been using reloadable card devices powered by blockchain technology linked to digital wallet to deliver critical aid securely and fast to refugees returning to their country. This allowed UNHCR to streamline aid delivery by automating transactions, reducing the risk of fraud, and improving real-time tracking and full traceability of fund transfers.

Also read: Are stablecoins really reducing friction in payments?

Building trust through governance

Technology was only part of the transformation. Building trust internally and externally was critical. “The biggest hurdles were trust, digital literacy, and infrastructure,” Hett recalled. “We started small, working with digitally confident stakeholders, and providing centralized oversight directly for Headquarters Treasury to ensure feasibility of actual implementation.”

UNHCR’s governance model ensured digital innovation was deployed with rigorous oversight, safeguarding both financial integrity and beneficiary dignity. People forced to flee experienced faster and more secure aid delivery, with contextual encashment options tailored to their needs.

Leveraging global-local partnerships

Collaboration was decisive. “We worked closely with global blockchain providers, stablecoin issuers, and local partners to ensure solutions fit each context,” said Hett. “Global innovation combined with local regulatory acceptance made this model viable.”

In Ukraine, advanced digital infrastructure enabled rapid deployment, for Argentina, hyperinflation made stablecoins essential, and in Afghanistan, banking requirements enabled a tokenised local currency solution. Each context demanded strategic adaptation.

Safeguards first

UNHCR prioritised protection and data privacy. “Protection of vulnerable populations is central to our mission,” Hett emphasised. “This technology allows recipients to have full control of their aid, even in the absence of a bank account, increasing accessibility and dignity.  No personal data is stored on the blockchain delivery mechanisms, and identity registration follows strict UNHCR data-protection standards.”

Demonstrating impact to all stakeholders

UNHCR tracked every transaction in real time, benchmarking digital disbursements against traditional methods. “Digital Dashboards “on the blockchain” provide financial control, traceability, and accountability,” said Hett : “This transparency has strengthened stakeholder confidence and increases direct access to aid assistance for people forced to flee.”

The impact is clear: faster transfers, lower costs, and greater coverage with fewer administrative resources. These metrics build trust and demonstrate efficiencies and actual return on innovation.

Strengthening response and preparedness

Emerging technologies are helping reshape humanitarian aid. “Blockchain offers transparent, low-cost transfers directly to people—even in complex contexts where access to banking systems is limited or absent,” said Hett. “Artificial intelligence and predictive data can help anticipate emergency needs and tailor support. These tools contribute to strengthening response and preparedness actions and shifting aid from temporary relief to long-term digital and financial inclusion.”

With conflicts and climate shocks multiplying and donor funding stagnating, innovation is essential to bridge the widening gap between needs and resources.

UNHCR’s adoption of blockchain technology, and overall commitment to innovation, demonstrates how technology can serve as a crucible for humanitarian reset and change. Stablecoins have evolved beyond efficiency— with regulatory adoption, and along with appropriate contextual analysis, they can help protect value, preserve dignity, and restore control.

“Every transaction is more than a number—it’s a lifeline for someone forced to flee,” said Hett.

At the 34th EuroFinance International Treasury Management conference in Budapest this October, UNHCR will showcase its digital transformation. The agency invites donors, partners, and innovators to join in shaping the future of humanitarian finance—where every transaction is a step toward dignity and inclusion.