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Circle Foundation: Exploring stablecoin payments for humanitarian assistance, providing funding to the United Nations Development Programme and the World Food Programme

The Circle Foundation announced two grants to the United Nations Development Programme (UNDP) and the World Food Programme (WFP) to explore the application of digital payments and digital financial infrastructure in humanitarian aid and development projects.The Circle Foundation stated that the relevant programs will study how to utilize digital payments and regulated payment-type stablecoins to disburse funds to aid recipients more quickly, transparently, and at a lower cost.For the UNDP, the grant will be used to establish and operate a "Digital Asset Innovation Pool," helping country offices expand previous digital payment pilot projects conducted in Syria, Haiti, Guatemala, and Gambia from single projects to regular project execution, and provide support such as regulation, operations, and beneficiary protection; this mechanism will not replace traditional banking channels but will serve as a complementary option outside the existing payment system.For the WFP, the grant will support the establishment of governance, risk management, funding, reconciliation systems, and compliance tools necessary for stablecoin payments, and integrate local fintech and mobile payment services. Over the next three years, the WFP plans to test 2 to 3 payment channels connecting its payment system with local financial service providers and markets to assess the performance of stablecoin payments in terms of efficiency, transparency, and resilience.

Caixin: Poker expert Hu Zheweng has suffered three consecutive losses in the cryptocurrency market and has filed a lawsuit against Jump Trading and Chinese professor Zhang Yongfeng

According to Caixin, poker master and seasoned cryptocurrency investor Hu Zheweng made significant bets during the three waves of cryptocurrency frenzy involving ICOs, algorithmic stablecoins, and AI tokens, but faced consecutive failures. Hu Zheweng claimed to have invested in the blockchain project Stratis, achieving a return of "over 1000 times."According to disclosed information, Hu Zheweng invested approximately 80 million USD in algorithmic stablecoin TerraUSD (UST) and its sister token LUNA from May 2021 to May 2022, with the peak market value of his holdings exceeding 800 million USD, but the price of LUNA subsequently nearly dropped to zero.In addition, Hu Zheweng has filed a lawsuit in Chicago, USA against the globally renowned quantitative trading firm Jump Trading and its related companies and executives in the cryptocurrency business, seeking at least 500 million USD in damages. After experiencing Stox and Terra, Hu Zheweng has not left the cryptocurrency market; last January, he bet on a new project by a Chinese computer professor Zhang Yongfeng. Zhang Yongfeng entered the Computer Science Department of Tsinghua University in 2007 and is currently a tenured associate professor in the Computer Science Department at Rutgers University in the USA. He has been sued by Hu Zheweng on multiple charges including "securities fraud." It is reported that the tokens issued by the organization founded by Zhang Yongfeng, in which Hu Zheweng invested millions of dollars, have fallen over 99.6% from their peak in 2025.
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