Fund

Vatican bank names new president #Catholic The Institute for the Works of Religion (IOR), often referred to as the Vatican bank, has announced that Luxembourg banker François Pauly will succeed Jean-Baptiste Douville de Franssu as president of its Board of Superintendence.According to a March 25 press release, Pauly “has been elected as the next president of the Board of Superintendence” and will formally take office following the board meeting scheduled for April 28, when the institute’s 2025 financial statements are approved.De Franssu, who has led the IOR since July 9, 2014, will remain in office until that date, concluding a tenure marked by significant internal reform and efforts to rebuild the institution’s international credibility.The need for reform stemmed from years of scrutiny over the Vatican bank’s management, transparency, and anti-money-laundering controls. In the past, the institute faced damaged credibility amid concerns about oversight and compliance, prompting a long push to strengthen governance, tighten internal procedures, and bring its operations into line with international financial standards.The transition “follows a carefully managed succession process conducted over the past 12 months in close collaboration between the Board of Superintendence and the Commission of Cardinals, ensuring continuity in the governance of the Institute,” the IOR said.Pauly, a Luxembourg national, has served on the board since 2024. His appointment was approved Jan. 28 by the Commission of Cardinals following a proposal by the board in December 2025, in accordance with the institute’s statutes.He brings decades of experience in the financial sector, having begun his banking career in the late 1980s. He previously served as deputy chief executive officer of Dexia Crediop in Italy and later as CEO and chairman of Banque Internationale à Luxembourg from 2011 to 2016. He also served on the board of the Vatican Pension Fund from 2017 to 2021.Currently, Pauly is chairman of La Luxembourgeoise Group and a member of the Commission for Economic Affairs of the Archdiocese of Luxembourg, while also serving on the boards of several financial firms across Europe.In a statement, de Franssu reflected on his tenure, saying the institute had undergone “a profound structural transformation” that restored credibility and strengthened financial performance.“This process has enabled the institute to achieve strong international credibility and to deliver solid financial results,” he said, noting that reforms improved governance, transparency, and compliance with international anti-money laundering standards.Cardinal Giuseppe Petrocchi, president of the IOR’s Commission of Cardinals, expressed “deep gratitude” for de Franssu’s service and praised his “essential contribution” to the institute’s renewal.He also welcomed Pauly’s appointment, highlighting his “extensive professional experience” as key to consolidating recent progress and strengthening the institute’s ties with the global financial sector.“We hope that, under his leadership, the Board of Superintendence continues to effectively support the mission of the IOR in service of the universal Church,” Petrocchi said.The Commission of Cardinals will now appoint a new member of the Board of Superintendence to replace de Franssu, subject to regulatory approval.This story was first published by ACI Prensa, the Spanish-language sister service of EWTN News. It has been translated and adapted by EWTN News English.
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Vatican bank names new president #Catholic The Institute for the Works of Religion (IOR), often referred to as the Vatican bank, has announced that Luxembourg banker François Pauly will succeed Jean-Baptiste Douville de Franssu as president of its Board of Superintendence.According to a March 25 press release, Pauly “has been elected as the next president of the Board of Superintendence” and will formally take office following the board meeting scheduled for April 28, when the institute’s 2025 financial statements are approved.De Franssu, who has led the IOR since July 9, 2014, will remain in office until that date, concluding a tenure marked by significant internal reform and efforts to rebuild the institution’s international credibility.The need for reform stemmed from years of scrutiny over the Vatican bank’s management, transparency, and anti-money-laundering controls. In the past, the institute faced damaged credibility amid concerns about oversight and compliance, prompting a long push to strengthen governance, tighten internal procedures, and bring its operations into line with international financial standards.The transition “follows a carefully managed succession process conducted over the past 12 months in close collaboration between the Board of Superintendence and the Commission of Cardinals, ensuring continuity in the governance of the Institute,” the IOR said.Pauly, a Luxembourg national, has served on the board since 2024. His appointment was approved Jan. 28 by the Commission of Cardinals following a proposal by the board in December 2025, in accordance with the institute’s statutes.He brings decades of experience in the financial sector, having begun his banking career in the late 1980s. He previously served as deputy chief executive officer of Dexia Crediop in Italy and later as CEO and chairman of Banque Internationale à Luxembourg from 2011 to 2016. He also served on the board of the Vatican Pension Fund from 2017 to 2021.Currently, Pauly is chairman of La Luxembourgeoise Group and a member of the Commission for Economic Affairs of the Archdiocese of Luxembourg, while also serving on the boards of several financial firms across Europe.In a statement, de Franssu reflected on his tenure, saying the institute had undergone “a profound structural transformation” that restored credibility and strengthened financial performance.“This process has enabled the institute to achieve strong international credibility and to deliver solid financial results,” he said, noting that reforms improved governance, transparency, and compliance with international anti-money laundering standards.Cardinal Giuseppe Petrocchi, president of the IOR’s Commission of Cardinals, expressed “deep gratitude” for de Franssu’s service and praised his “essential contribution” to the institute’s renewal.He also welcomed Pauly’s appointment, highlighting his “extensive professional experience” as key to consolidating recent progress and strengthening the institute’s ties with the global financial sector.“We hope that, under his leadership, the Board of Superintendence continues to effectively support the mission of the IOR in service of the universal Church,” Petrocchi said.The Commission of Cardinals will now appoint a new member of the Board of Superintendence to replace de Franssu, subject to regulatory approval.This story was first published by ACI Prensa, the Spanish-language sister service of EWTN News. It has been translated and adapted by EWTN News English.

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François Pauly will succeed Jean-Baptiste de Franssu at helm of Institute for the Works of Religion.

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10,000 Austrian students petition to end mandatory fees funding abortions #Catholic More than 10,000 Austrian university students have signed a petition demanding that the Austrian National Union of Students (ÖH, by its German acronym) abolish its so-called “Repro Fund,” a program that uses mandatory student fees to finance abortions.The petition, organized by ProLife Europe in partnership with CitizenGo, was formally submitted on March 11 to the authorities responsible for administering the fund. Titled “No Student Funds for Killing Human Beings,” the initiative was launched after the ÖH introduced financial assistance for abortions through the Repro Fund.According to the ÖH’s published budget for the 2025-2026 academic year, 18,000 euros have been allocated to cover abortion costs, with plans outlined in the student union’s coalition agreement to expand the fund in the coming years.Petition organizers argue that the policy forces students to subsidize abortions regardless of their moral convictions.“The targeted financing of abortions is incompatible with the freedom of conscience of many students and represents an ethically absolutely indefensible decision,” the petition states.Mandatory student feesIn Austria, all university students must pay a mandatory contribution to the ÖH as part of their semester enrollment.If a student fails to pay the fee, enrollment cannot be completed. This means the student loses official student status for that semester and is barred from attending courses or taking examinations. Nonpayment also results in the loss of student accident insurance, which is normally included as part of enrollment.Because the ÖH contribution is embedded in the legal structure of university registration, students cannot opt out of supporting the organization or its programs, regardless of whether they agree with its political positions or spending decisions.Pro-life petitioners say this system effectively compels students to fund abortions through their mandatory contributions.Student mobilization exceeds expectationsMaria Czernin, president of ProLife Europe, told EWTN News that the petition’s response exceeded expectations in Austria, where public mobilization on civil issues is often limited.“For a three-month petition in Austria, this is a very strong result,” Czernin said. “People here tend to be more reserved in public campaigns, so reaching more than 10,000 signatures is significant.”Organizers initially hoped to gather around 8,000 signatures, she said, but the campaign surpassed that target before the petition closed.The ÖH, Austria’s national student union, is elected democratically by university students. As a result, the Repro Fund was introduced through decisions taken by the organization’s governing coalition.During campus outreach efforts linked to the petition, ProLife Europe volunteers spoke with students who did not identify as pro-life but nevertheless objected to the use of mandatory student fees to fund abortions.“We encountered students who were not pro-life, but they still felt that their money should not be used for this,” Czernin said. “That says a lot about how controversial this program is.”She added that the program remains relatively unknown across many Austrian universities. Organizers believe that if awareness of the funds were more widespread, opposition would grow further.A message to policymakersCzernin said the petition is also intended as a signal to Eva-Maria Holzleitner, Austrian minister for women, science, and research, whose ministry oversees higher education policy.“I hope this petition reaches Minister Holzleitner as a strong sign from students,” she said. “It shows that many students clearly stand against this cooperation and against using their mandatory contributions in this way.”Beyond the immediate funding issue, Czernin explained that abortion should not be promoted as a solution for students facing academic or financial challenges.“There is no evidence that abortion helps women finish their studies,” she said. “But there is substantial research indicating that abortion can negatively affect women’s mental health.”She added that many women have successfully completed their studies while continuing their pregnancies, explaining that support structures for student mothers would be a more constructive response to the pressures some students face.Austria’s abortion landscapeIn Austria, abortion is permitted during the first three months of pregnancy.The law does not formally declare abortion a legal right. Instead, it states that the procedure is not punishable if it is performed by a physician within the first trimester following a prior medical consultation.There is no mandatory waiting period and no requirement for counseling from an independent advisory service. The consultation requirement is limited to a discussion with a doctor before the procedure.Abortion services are generally not covered by Austria’s public health insurance system and must typically be paid for privately. Because of this, women are not required to be registered residents of Austria or enrolled in Austrian health insurance to obtain an abortion in the country.Abortions are also not subject to mandatory reporting requirements and personal information about women undergoing the procedure is not shared with authorities.
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10,000 Austrian students petition to end mandatory fees funding abortions #Catholic More than 10,000 Austrian university students have signed a petition demanding that the Austrian National Union of Students (ÖH, by its German acronym) abolish its so-called “Repro Fund,” a program that uses mandatory student fees to finance abortions.The petition, organized by ProLife Europe in partnership with CitizenGo, was formally submitted on March 11 to the authorities responsible for administering the fund. Titled “No Student Funds for Killing Human Beings,” the initiative was launched after the ÖH introduced financial assistance for abortions through the Repro Fund.According to the ÖH’s published budget for the 2025-2026 academic year, 18,000 euros have been allocated to cover abortion costs, with plans outlined in the student union’s coalition agreement to expand the fund in the coming years.Petition organizers argue that the policy forces students to subsidize abortions regardless of their moral convictions.“The targeted financing of abortions is incompatible with the freedom of conscience of many students and represents an ethically absolutely indefensible decision,” the petition states.Mandatory student feesIn Austria, all university students must pay a mandatory contribution to the ÖH as part of their semester enrollment.If a student fails to pay the fee, enrollment cannot be completed. This means the student loses official student status for that semester and is barred from attending courses or taking examinations. Nonpayment also results in the loss of student accident insurance, which is normally included as part of enrollment.Because the ÖH contribution is embedded in the legal structure of university registration, students cannot opt out of supporting the organization or its programs, regardless of whether they agree with its political positions or spending decisions.Pro-life petitioners say this system effectively compels students to fund abortions through their mandatory contributions.Student mobilization exceeds expectationsMaria Czernin, president of ProLife Europe, told EWTN News that the petition’s response exceeded expectations in Austria, where public mobilization on civil issues is often limited.“For a three-month petition in Austria, this is a very strong result,” Czernin said. “People here tend to be more reserved in public campaigns, so reaching more than 10,000 signatures is significant.”Organizers initially hoped to gather around 8,000 signatures, she said, but the campaign surpassed that target before the petition closed.The ÖH, Austria’s national student union, is elected democratically by university students. As a result, the Repro Fund was introduced through decisions taken by the organization’s governing coalition.During campus outreach efforts linked to the petition, ProLife Europe volunteers spoke with students who did not identify as pro-life but nevertheless objected to the use of mandatory student fees to fund abortions.“We encountered students who were not pro-life, but they still felt that their money should not be used for this,” Czernin said. “That says a lot about how controversial this program is.”She added that the program remains relatively unknown across many Austrian universities. Organizers believe that if awareness of the funds were more widespread, opposition would grow further.A message to policymakersCzernin said the petition is also intended as a signal to Eva-Maria Holzleitner, Austrian minister for women, science, and research, whose ministry oversees higher education policy.“I hope this petition reaches Minister Holzleitner as a strong sign from students,” she said. “It shows that many students clearly stand against this cooperation and against using their mandatory contributions in this way.”Beyond the immediate funding issue, Czernin explained that abortion should not be promoted as a solution for students facing academic or financial challenges.“There is no evidence that abortion helps women finish their studies,” she said. “But there is substantial research indicating that abortion can negatively affect women’s mental health.”She added that many women have successfully completed their studies while continuing their pregnancies, explaining that support structures for student mothers would be a more constructive response to the pressures some students face.Austria’s abortion landscapeIn Austria, abortion is permitted during the first three months of pregnancy.The law does not formally declare abortion a legal right. Instead, it states that the procedure is not punishable if it is performed by a physician within the first trimester following a prior medical consultation.There is no mandatory waiting period and no requirement for counseling from an independent advisory service. The consultation requirement is limited to a discussion with a doctor before the procedure.Abortion services are generally not covered by Austria’s public health insurance system and must typically be paid for privately. Because of this, women are not required to be registered residents of Austria or enrolled in Austrian health insurance to obtain an abortion in the country.Abortions are also not subject to mandatory reporting requirements and personal information about women undergoing the procedure is not shared with authorities.

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Pro-life students are demonstrating against the “Repro Fund,” a program that uses mandatory student fees to finance abortions.

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American Catholics launch crowdfunding effort to gift Pope Leo XIV papal tiara #Catholic A newly established nonprofit launched a crowdfunding effort to construct a papal tiara that will contain Catholic and American symbolism, with the plan to offer it to Pope Leo XIV as a gift from American Catholics for the first pontiff from the United States.“Historically, the majority of papal tiaras are gifts, usually from the home diocese of the pope or from religious [communities] they may be affiliated with,” Isaac Smith, a convert to Catholicism and the founder of Amici Vaticani, told EWTN News.Smith said he was motivated to launch the project to provide Leo with a papal tiara based on the desire for “us, as Americans, to continue that tradition.” He said the first American pope is “such a historical milestone” for Catholicism in the United States.The history of papal crowns dates back to at least the eighth century with the word “tiara” first used in the 12th century. A second crown was added to the tiara in the 13th century to symbolize that the pope holds authority in both spiritual and temporal matters.A three-crown tiara first appeared in the 14th century. One interpretation of the three crowns is that they represent the threefold office of Christ: priest, prophet, and king. Another suggests it represents the militant, the suffering, and the triumphant Church.The proposed tiara commissioned by Amici Vaticani maintains the 14th-century tradition of three crowns. The tiara will be constructed with sterling silver and the crowns will be gold-plated.Because the gift is meant to honor Leo’s American heritage, the tiara will have red, white, and blue stones, which represent the colors of the American flag. It will incorporate other American symbols: oak leaves, representing the national tree; and corn stalks, representing the national crop.Some of the symbols included in the tiara have dual meanings relevant to both the papacy and the United States. It will incorporate roses, which is a symbol of the Virgin Mary and the national flower; and it will incorporate olives, which is a symbol of the pontiff’s commitment to peace and appears on the Great Seal of the United States.A buttony cross will sit atop the crown as a symbol of American Catholicism. The cross is used in the coat of arms for the Archdiocese of Baltimore, the country’s first Catholic diocese, and is featured on the flag of Maryland, which is the location of the first English Catholic colonies.The design, Smith explained, is meant to be “elegant and traditional” to honor the office of the papacy but is also meant to “incorporate distinctively American elements” to honor the pope’s American heritage. Maltese jeweler Gabriel Farrugia works on a project. | Credit: Photo courtesy of Gabriel Farrugia Smith said he hopes to fund the project through small donations from the American Catholic faithful so the pontiff can see “this was a group effort” and a gift from Catholics in his home country. This project, he said, provides “a tangible way for people to connect with the successor of Peter.”He also said he plans to compile the names of every person who donates more than $20 into a book, which would be presented to the Holy Father along with the crown and would say on the cover: “Holy Father, please pray for these people.”Smith said his intention is that the tiara can “hopefully [be] put on display in a place of honor” after it is constructed “and presented to the pope when he visits.” When Leo met Vice President JD Vance, the pontiff said he would travel to the United States at some point, although the Holy Father does not have any specific publicly announced plans to visit as of yet.The tiara will be constructed by a Maltese jeweler and artist named Gabriel Farrugia, who has a background in creating religious art, including an Our Lady of Fátima crown, which was used in a coronation ceremony in Guardamangia, Malta. He has also been commissioned by Catholic churches for artistic projects.“Making sacred art is a type of thanksgiving to the One who created us,” Farrugia told EWTN News.“For the God that created us and gave us life, I think we should give him something,” he said, adding that sacred art provides “something that will be left there for ages” and something for “people to admire, to enjoy, and to reflect [upon].”The construction of the crown has not yet begun, as Amici Vaticani is still in the early stages of the crowdfunding effort.Amici Vaticani was launched in 2025 for the purpose of constructing the tiara. According to its website, the nonprofit also seeks to build up “the awakening of a Catholic spirit in the United States.”“Our country, once defined by its Protestant heritage, is now witnessing a boon of conversions,” the website notes. “Men and women rediscovering the depth, beauty, and authority of the Catholic faith.”
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American Catholics launch crowdfunding effort to gift Pope Leo XIV papal tiara #Catholic A newly established nonprofit launched a crowdfunding effort to construct a papal tiara that will contain Catholic and American symbolism, with the plan to offer it to Pope Leo XIV as a gift from American Catholics for the first pontiff from the United States.“Historically, the majority of papal tiaras are gifts, usually from the home diocese of the pope or from religious [communities] they may be affiliated with,” Isaac Smith, a convert to Catholicism and the founder of Amici Vaticani, told EWTN News.Smith said he was motivated to launch the project to provide Leo with a papal tiara based on the desire for “us, as Americans, to continue that tradition.” He said the first American pope is “such a historical milestone” for Catholicism in the United States.The history of papal crowns dates back to at least the eighth century with the word “tiara” first used in the 12th century. A second crown was added to the tiara in the 13th century to symbolize that the pope holds authority in both spiritual and temporal matters.A three-crown tiara first appeared in the 14th century. One interpretation of the three crowns is that they represent the threefold office of Christ: priest, prophet, and king. Another suggests it represents the militant, the suffering, and the triumphant Church.The proposed tiara commissioned by Amici Vaticani maintains the 14th-century tradition of three crowns. The tiara will be constructed with sterling silver and the crowns will be gold-plated.Because the gift is meant to honor Leo’s American heritage, the tiara will have red, white, and blue stones, which represent the colors of the American flag. It will incorporate other American symbols: oak leaves, representing the national tree; and corn stalks, representing the national crop.Some of the symbols included in the tiara have dual meanings relevant to both the papacy and the United States. It will incorporate roses, which is a symbol of the Virgin Mary and the national flower; and it will incorporate olives, which is a symbol of the pontiff’s commitment to peace and appears on the Great Seal of the United States.A buttony cross will sit atop the crown as a symbol of American Catholicism. The cross is used in the coat of arms for the Archdiocese of Baltimore, the country’s first Catholic diocese, and is featured on the flag of Maryland, which is the location of the first English Catholic colonies.The design, Smith explained, is meant to be “elegant and traditional” to honor the office of the papacy but is also meant to “incorporate distinctively American elements” to honor the pope’s American heritage. Maltese jeweler Gabriel Farrugia works on a project. | Credit: Photo courtesy of Gabriel Farrugia Smith said he hopes to fund the project through small donations from the American Catholic faithful so the pontiff can see “this was a group effort” and a gift from Catholics in his home country. This project, he said, provides “a tangible way for people to connect with the successor of Peter.”He also said he plans to compile the names of every person who donates more than $20 into a book, which would be presented to the Holy Father along with the crown and would say on the cover: “Holy Father, please pray for these people.”Smith said his intention is that the tiara can “hopefully [be] put on display in a place of honor” after it is constructed “and presented to the pope when he visits.” When Leo met Vice President JD Vance, the pontiff said he would travel to the United States at some point, although the Holy Father does not have any specific publicly announced plans to visit as of yet.The tiara will be constructed by a Maltese jeweler and artist named Gabriel Farrugia, who has a background in creating religious art, including an Our Lady of Fátima crown, which was used in a coronation ceremony in Guardamangia, Malta. He has also been commissioned by Catholic churches for artistic projects.“Making sacred art is a type of thanksgiving to the One who created us,” Farrugia told EWTN News.“For the God that created us and gave us life, I think we should give him something,” he said, adding that sacred art provides “something that will be left there for ages” and something for “people to admire, to enjoy, and to reflect [upon].”The construction of the crown has not yet begun, as Amici Vaticani is still in the early stages of the crowdfunding effort.Amici Vaticani was launched in 2025 for the purpose of constructing the tiara. According to its website, the nonprofit also seeks to build up “the awakening of a Catholic spirit in the United States.”“Our country, once defined by its Protestant heritage, is now witnessing a boon of conversions,” the website notes. “Men and women rediscovering the depth, beauty, and authority of the Catholic faith.”

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A nonprofit hopes to generate enough small donations to construct a papal tiara for Pope Leo XIV as a gift from American Catholics.

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Catholic digital assets company about to mint its first stablecoin #Catholic On March 15, a Catholic digital assets company known as Crescite Innovation Corporation will mint its first stablecoin, called Catholic USD.Stablecoins such as Catholic USD are a type of digital asset that is backed by and will have a 1-to-1 value equivalence with the U.S. dollar (and are not to be confused with cryptocurrencies like bitcoin).Catholic USDs can be used to make purchases from or donations to Catholic organizations the same way they would with any other payment method stored in smartphone wallets.Donations and other financial transactions can take place all over the world and will be nearly instantaneous, fee-free, and secure, thanks to blockchain technology, Eddie Cullen, co-founder of Crescite, told EWTN News.With blockchain technology, which has enabled the development of unregulated cryptocurrencies such as bitcoin and regulated digital assets such as stablecoins, traditional banks are no longer required to transfer or store money because all transactions are transparent and verifiable through the blockchain, which securely links together “blocks” of digital records.“Traditional banks are like Blockbuster video, and digital assets are like the streaming services we all use today,” Cullen said.“People will no longer need traditional banks, thanks to this new technology,” he continued.Cullen and his co-founder, Karl Kilb III, started Crescite “because we love the Church,” Cullen said. “We want Catholics to be at the forefront of this new technology, and we’re using it to enable greater access to resources for people and to do good.”“The only difference between us and banks is that they take your money and leverage it to make a profit,” Cullen said. “What we’re doing is we’re taking that leverage, and we’re giving it away to Catholic institutions and causes.”“We created Crescite to be at the intersection of faith and technology, using innovation to help those in need, and society as a whole,” Kilb said. “The Catholic community is global, with numerous organizations, projects, and causes that need sustainable, transparent funding, and we are leveraging blockchain technology to build such an ecosystem.”When a person buys Catholic USD, Crescite will invest that money in vehicles including U.S. Treasury bonds and will put 100% of that yield into a charity fund known as the Catholic Global Mercy Trust.The trust will fund Catholic poverty relief efforts, hospitals, schools, and other causes all over the world.“When we look at our work, it’s really a Catholic digital asset ecosystem,” Cullen said. “We have our stablecoin, and we are going to build upon that.”The money Crescite takes in through the sale of Catholic USD will be custodied, or held, in a digital wallet by a financial technology company known as BitGo, which in January completed its initial public offering (IPO) and began trading on the New York Stock Exchange. It is also chartered under U.S. law and authorized by the Office of the Comptroller of the Currency. BitGo is “the platform that’s issuing the stablecoin,” Cullen said. It and Crescite will have no intermingled investments.The funds Crescite holds are also insured.“Crescite” means to increase or grow in Latin. Cullen said he and Kilb, who co-own the company and founded it together in 2021, chose the name after reflecting on the effects of God’s touch on man-made things, as portrayed in the image of God’s hand touching Adam’s in Michaelangelo’s famous painting on the ceiling of the Sistine Chapel.Cullen said the name also refers to Genesis 1:28, when God tells Adam to “Be fruitful (increase) and multiply.”Bitcoin, the first cryptocurrencyThe first cryptocurrency, which is very different from the stablecoin Crescite is issuing, was bitcoin, which came out in 2009 and whose inventor or inventors, known as Satoshi Nakamoto, is/are still unknown.Bitcoin emerged as “pushback” to the 2008 financial crisis, according to The Catholic University of America Busch School of Business Professor Kevin May, who told EWTN News that consumers wanted something more “sound and reliable” than our current financial system after the crisis.Bitcoin is decentralized and is the only true “open source” cryptocurrency, according to May.Bitcoin’s inventors no longer had “trust in the current financial system,” where “the banks and bankers took bets; when they were right they privatized all the gains, and when they were wrong, they got bailed out and rebought their own shares,” May said. “Hardly any of them got in trouble” while the financial markets and consumers paid for their actions.The value of bitcoin has gone from several pennies at its initial launch to a high of 6,000 in October 2025. Currently, one bitcoin is valued at about ,000.Exchanges now exist where people can buy and sell bitcoin. There are even bitcoin-linked credit cards.Bitcoin, however, is a true cryptocurrency in that it is not insured or backed by any currency, and it is not regulated by the federal government, meaning it could collapse at any moment and investors could lose their money.A benefit of a cryptocurrency like bitcoin, according to May, is that it can “bank the unbanked, especially in societies where you cannot trust the leadership.”He used the example of a coffee farmer in Uganda who could trade in bitcoin and essentially have “his own bank on his cellphone,” without having to deal with a corrupt or inefficient system.The difference between ‘cryptocurrency’ and ‘digital assets’Digital assets like Catholic USD and cryptocurrencies such as bitcoin are alternatives to traditional financial institutions and government-backed currency made possible by blockchain technology.However, the terms “digital assets” and “cryptocurrency” mean different things: Digital assets refer to stablecoins as well as tokenized securities, commodities, and other digital representations of real-world assets that do not imply the unregulated, speculative trading or volatility inherent with bitcoin.Cullen explained that this is a major difference between bitcoin and stablecoins such as Catholic USD, which is actually backed by the U.S. dollar and will be regulated by the recently passed GENIUS Act, which is expected to increase the growth of and trust in stablecoins through clear regulatory rules.Other existing stablecoins include USD1, which, like Catholic USD, is also a U.S. dollar-pegged stablecoin (designed to maintain a 1-to-1 value with the U.S. dollar).USD1 was launched in March 2025 by World Liberty Financial, a decentralized finance (DeFi) platform and cryptocurrency venture closely associated with President Donald Trump and his family, though disclaimers emphasize that the Trump family are not officers or directors and that the cryptocurrency is not politically affiliated or endorsed.A company called Tether Unlimited issued a stablecoin, USDT, which is the longest-running and largest U.S. dollar-pegged stablecoin, launched in 2014 and with a market cap around 4 billion (as of early 2026). It holds roughly 60%-70% of the total stablecoin market share with 534 million users as of early this year.The GENIUS ActPassed with bipartisan support and signed into law by Trump in July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act establishes a clear, regulatory framework that legitimizes payment stablecoins and digital asset infrastructure.It aims to preserve U.S. dollar leadership globally while allowing responsible private-sector innovation under defined guardrails.Under the act, qualified nonbank entities may issue payment stablecoins under federal or state supervision, while banks and affiliates may also participate. This dual pathway is intended to foster competition, reduce concentration risk, and avoid stifling innovation.Critics note the GENIUS Act does not fully address illicit finance risks in decentralized systems such as bitcoin, however.
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Catholic digital assets company about to mint its first stablecoin #Catholic On March 15, a Catholic digital assets company known as Crescite Innovation Corporation will mint its first stablecoin, called Catholic USD.Stablecoins such as Catholic USD are a type of digital asset that is backed by and will have a 1-to-1 value equivalence with the U.S. dollar (and are not to be confused with cryptocurrencies like bitcoin).Catholic USDs can be used to make purchases from or donations to Catholic organizations the same way they would with any other payment method stored in smartphone wallets.Donations and other financial transactions can take place all over the world and will be nearly instantaneous, fee-free, and secure, thanks to blockchain technology, Eddie Cullen, co-founder of Crescite, told EWTN News.With blockchain technology, which has enabled the development of unregulated cryptocurrencies such as bitcoin and regulated digital assets such as stablecoins, traditional banks are no longer required to transfer or store money because all transactions are transparent and verifiable through the blockchain, which securely links together “blocks” of digital records.“Traditional banks are like Blockbuster video, and digital assets are like the streaming services we all use today,” Cullen said.“People will no longer need traditional banks, thanks to this new technology,” he continued.Cullen and his co-founder, Karl Kilb III, started Crescite “because we love the Church,” Cullen said. “We want Catholics to be at the forefront of this new technology, and we’re using it to enable greater access to resources for people and to do good.”“The only difference between us and banks is that they take your money and leverage it to make a profit,” Cullen said. “What we’re doing is we’re taking that leverage, and we’re giving it away to Catholic institutions and causes.”“We created Crescite to be at the intersection of faith and technology, using innovation to help those in need, and society as a whole,” Kilb said. “The Catholic community is global, with numerous organizations, projects, and causes that need sustainable, transparent funding, and we are leveraging blockchain technology to build such an ecosystem.”When a person buys Catholic USD, Crescite will invest that money in vehicles including U.S. Treasury bonds and will put 100% of that yield into a charity fund known as the Catholic Global Mercy Trust.The trust will fund Catholic poverty relief efforts, hospitals, schools, and other causes all over the world.“When we look at our work, it’s really a Catholic digital asset ecosystem,” Cullen said. “We have our stablecoin, and we are going to build upon that.”The money Crescite takes in through the sale of Catholic USD will be custodied, or held, in a digital wallet by a financial technology company known as BitGo, which in January completed its initial public offering (IPO) and began trading on the New York Stock Exchange. It is also chartered under U.S. law and authorized by the Office of the Comptroller of the Currency. BitGo is “the platform that’s issuing the stablecoin,” Cullen said. It and Crescite will have no intermingled investments.The funds Crescite holds are also insured.“Crescite” means to increase or grow in Latin. Cullen said he and Kilb, who co-own the company and founded it together in 2021, chose the name after reflecting on the effects of God’s touch on man-made things, as portrayed in the image of God’s hand touching Adam’s in Michaelangelo’s famous painting on the ceiling of the Sistine Chapel.Cullen said the name also refers to Genesis 1:28, when God tells Adam to “Be fruitful (increase) and multiply.”Bitcoin, the first cryptocurrencyThe first cryptocurrency, which is very different from the stablecoin Crescite is issuing, was bitcoin, which came out in 2009 and whose inventor or inventors, known as Satoshi Nakamoto, is/are still unknown.Bitcoin emerged as “pushback” to the 2008 financial crisis, according to The Catholic University of America Busch School of Business Professor Kevin May, who told EWTN News that consumers wanted something more “sound and reliable” than our current financial system after the crisis.Bitcoin is decentralized and is the only true “open source” cryptocurrency, according to May.Bitcoin’s inventors no longer had “trust in the current financial system,” where “the banks and bankers took bets; when they were right they privatized all the gains, and when they were wrong, they got bailed out and rebought their own shares,” May said. “Hardly any of them got in trouble” while the financial markets and consumers paid for their actions.The value of bitcoin has gone from several pennies at its initial launch to a high of $126,000 in October 2025. Currently, one bitcoin is valued at about $70,000.Exchanges now exist where people can buy and sell bitcoin. There are even bitcoin-linked credit cards.Bitcoin, however, is a true cryptocurrency in that it is not insured or backed by any currency, and it is not regulated by the federal government, meaning it could collapse at any moment and investors could lose their money.A benefit of a cryptocurrency like bitcoin, according to May, is that it can “bank the unbanked, especially in societies where you cannot trust the leadership.”He used the example of a coffee farmer in Uganda who could trade in bitcoin and essentially have “his own bank on his cellphone,” without having to deal with a corrupt or inefficient system.The difference between ‘cryptocurrency’ and ‘digital assets’Digital assets like Catholic USD and cryptocurrencies such as bitcoin are alternatives to traditional financial institutions and government-backed currency made possible by blockchain technology.However, the terms “digital assets” and “cryptocurrency” mean different things: Digital assets refer to stablecoins as well as tokenized securities, commodities, and other digital representations of real-world assets that do not imply the unregulated, speculative trading or volatility inherent with bitcoin.Cullen explained that this is a major difference between bitcoin and stablecoins such as Catholic USD, which is actually backed by the U.S. dollar and will be regulated by the recently passed GENIUS Act, which is expected to increase the growth of and trust in stablecoins through clear regulatory rules.Other existing stablecoins include USD1, which, like Catholic USD, is also a U.S. dollar-pegged stablecoin (designed to maintain a 1-to-1 value with the U.S. dollar).USD1 was launched in March 2025 by World Liberty Financial, a decentralized finance (DeFi) platform and cryptocurrency venture closely associated with President Donald Trump and his family, though disclaimers emphasize that the Trump family are not officers or directors and that the cryptocurrency is not politically affiliated or endorsed.A company called Tether Unlimited issued a stablecoin, USDT, which is the longest-running and largest U.S. dollar-pegged stablecoin, launched in 2014 and with a market cap around $184 billion (as of early 2026). It holds roughly 60%-70% of the total stablecoin market share with 534 million users as of early this year.The GENIUS ActPassed with bipartisan support and signed into law by Trump in July 2025, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act establishes a clear, regulatory framework that legitimizes payment stablecoins and digital asset infrastructure.It aims to preserve U.S. dollar leadership globally while allowing responsible private-sector innovation under defined guardrails.Under the act, qualified nonbank entities may issue payment stablecoins under federal or state supervision, while banks and affiliates may also participate. This dual pathway is intended to foster competition, reduce concentration risk, and avoid stifling innovation.Critics note the GENIUS Act does not fully address illicit finance risks in decentralized systems such as bitcoin, however.

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Catholic entrepreneurs Eddie Cullen and Karl Kilb want to use new financial technologies to benefit the Catholic Church and its charitable work.

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