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How Catholic communities are thinking about digital money
Original coverage by National Catholic Register ·
Coverage overview
Stephen Beale’s feature in the National Catholic Register explores Catholic USD within a wider discussion of cryptocurrency, charitable giving, and Catholic social thought. Eddie Cullen describes the project’s intended focus on people in need, while other contributors consider how Catholic organizations can approach new financial technology.
Excerpt from National Catholic Register
In the world of cryptocurrency, Catholic USD – a recently developed fiat-backed stablecoin - immediately stands out, and not just because of its name.
Cryptocurrencies like bitcoin became popular after the 2008 financial crisis as an alternative to government-backed currencies and traditional financial institutions. Cryptocurrency bypasses the need for brick-and-mortar banks by verifying transactions through a cryptographic process in which ‘blocks’ of digital records are chained together, known as a ‘blockchain.’
For many, cryptocurrency has become a lucrative investment opportunity. Eddie Cullen, the businessman who is helping to spearhead the launch of Catholic USD, wants to bring the benefits of the new technology to the poor.
“We have to make sure the poor and human suffering is the thing we’re focused on at all times first,” Cullen told the Register. “Treating the poor like Jesus Christ would – that has to be the first priority.”