About the FX Tracker
Why humanitarian exchange rate gaps matter, how we measure them, and what can be done.
The Funding Crisis
Global humanitarian funding from the largest bilateral donor fell 88% from its 2022 peak. In an era of collapsing budgets, every dollar of humanitarian funding must deliver maximum purchasing power. Yet across the countries we track, significant portions of converted funding are lost to the gap between UN operational exchange rates and actual market rates.
Potential Purchasing Power Gains
If humanitarian funding currently converted at UNORE were instead converted via stablecoin treasury rails at market rates, the theoretical additional purchasing power across all tracked countries would be:
$455M
theoretical annual gain across 26 countries
| Country | 2025 Funding | Gap / $1M | Theoretical Gain | Banking |
|---|---|---|---|---|
 Syria | $567M | $182,817 | $103.7M | De-risked |
 Occupied Palestinian Territory | $624M | $128,814 | $80.3M | Restricted |
 Sudan | $719M | $72,828 | $52.3M | De-risked |
 DRC | $510M | $87,381 | $44.6M | Connected |
 Venezuela | $108M | $288,808 | $31.1M | Restricted |
 Ukraine | $1102M | $26,837 | $29.6M | Connected |
 Mozambique | $146M | $155,605 | $22.7M | Connected |
 Yemen | $370M | $54,425 | $20.1M | De-risked |
 Bangladesh | $346M | $42,389 | $14.7M | Connected |
 Afghanistan | $307M | $32,690 | $10.0M | De-risked |
 Chad | $247M | $37,838 | $9.4M | Connected |
 Myanmar | $349M | $11,207 | $3.9M | De-risked |
 Burkina Faso | $112M | $34,738 | $3.9M | Connected |
 Mali | $106M | $34,738 | $3.7M | Connected |
 Honduras | $76M | $48,179 | $3.7M | Connected |
 Niger | $102M | $34,738 | $3.6M | Connected |
 Guatemala | $72M | $47,500 | $3.4M | Connected |
 Cameroon | $83M | $37,838 | $3.1M | Connected |
 Iraq | $22M | $142,246 | $3.1M | Restricted |
 Central African Republic | $63M | $37,838 | $2.4M | Connected |
 Nigeria | $223M | $10,422 | $2.3M | Connected |
 Pakistan | $33M | $32,351 | $1.1M | Connected |
 Jordan | $48M | $20,069 | $965K | Connected |
 Kenya | $99M | $6,762 | $668K | Connected |
 Haiti | $206M | $2,971 | $611K | Restricted |
 Egypt | $20M | $20,794 | $408K | Connected |
Our Position
We believe stablecoin infrastructure — specifically regulated, reserve-backed stablecoins like USDC — offers a practical path to closing the purchasing power gap in humanitarian treasury operations. This tracker exists to measure the gap transparently and provide evidence for operational decision-making.