DLUSD Stablecoin Wallet Expands to Over 80 Countries

Deel's DLUSD stablecoin wallet has expanded to over 80 countries, just 11 weeks after its initial launch in Argentina. The platform allows contractors to hold dollar balances as a digital dollar voucher that can be used within Deel and is worth $1.

The expansion routes Deel's payroll platform, which processes $22 billion annually, into distributing dollar balances to contractors where local banks make it difficult to get dollar accounts. These balances are then lent out through Morpho markets on Tempo, a chain incubated by Stripe and Paradigm.

Deel serves over 35,000 customers and 1.5 million workers across more than 150 countries. The company's Series E announcement valued Deel at $17.3 billion on a $300 million round led by Ribbit Capital with Andreessen Horowitz and Coatue.