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Deel expands DLUSD stablecoin wallet to more than 80 countries
The expansion supports Deel’s payroll flow of about $22 billion a year to contractors, with DLUSD settled on Tempo and yield generated via Morpho vaults rather than the issuer.
Deel said its DLUSD stablecoin wallet is now live in more than 80 countries, extending a launch that was limited to Argentina about 11 weeks earlier. The new availability covers Latin America, Africa, the Middle East, and Asia-Pacific, while the US, UK, EU, and Australia remain excluded, The Defiant reported.
Deel describes DLUSD as a dollar balance for contractors who can get paid, then hold, earn, and spend in a dollar backed form. The payroll platform processes about $22 billion a year and routes contractors into using dollar balances in markets where local banks make dollar accounts harder to obtain.
The stablecoin is issued through Stripe-linked infrastructure and settled on Tempo, with Bridge issuing the token, Privy supplying the wallets, and Tempo settling transfers. Deel says it also uses Morpho markets on Tempo, and that it is a reference customer for Tempo Earn, a yield product launched Aug. 12.
Deel and Bridge have not published reserve attestations for DLUSD, and Deel describes DLUSD differently in its help center, calling it a digital dollar voucher inside Deel rather than a cryptocurrency. The company also promotes a target rate at launch of up to 4.0% APY, variable and driven by market conditions, while the structure of yield via Morpho vaults may intersect with Section 4(a)(11) of the GENIUS Act, which bars certain interest payments by permitted payment stablecoin issuers.