Deel launches DLUSD stablecoin to pay contractors in dollars

Deel launched DLUSD on June 3, introducing a USD-backed stablecoin and an in-app crypto wallet that lets contractors receive, hold and spend dollar payments without a U.S. bank account. The product went live first in Argentina. Deel is a global payroll platform that serves about 40,000 businesses and 1.5 million workers in 150 countries.

Deel cited Argentina’s currency volatility as a reason for the initial rollout: the peso lost between 20% and 40% of its dollar value in a single year, and a 2025 survey of the company’s Argentine users found 85% preferred dollar payments over pesos. The wallet displays a dollar balance and hides blockchain details so recipients see familiar payment flows.

Deel built the new product using Stripe’s crypto stack: a bridge for stablecoin issuance, Privy for wallet infrastructure, and Tempo, a payments-focused Layer 1 blockchain, for settlement. The company said it is the first enterprise to combine those three technologies in a single offering. Users can earn rewards, hold balances and spend funds without leaving the Deel app.

Deel plans to expand DLUSD across Latin America in the coming weeks, with rollouts to follow in Asia-Pacific, the Middle East and North Africa, and Africa.

A separate announcement on June 2 from Mastercard expanded settlement capabilities across its global payments network to include multiple stablecoins. Mastercard listed support for USDC, RLUSD, PYUSD, USDG, USDP and SoFiUSD across eight blockchains, including Ethereum, Solana, Base and XRPL.

Raj Dhamodharan, Mastercard’s executive vice president for Blockchain and Digital Assets, commented: “The next phase of stablecoin adoption is about real-world utility, especially in settlement, where timing and liquidity matter most.”

Industry figures show stablecoin transaction volume reached about $46 trillion last year and the global stablecoin market capitalization was roughly $317 billion as of April 2026. Analysts project stablecoins could account for around 3% of U.S. dollar payments in 2026 and as much as 10% by 2031.

Major payments networks and financial firms have been adding stablecoin settlement options across multiple blockchains to enable intraday, weekend and holiday transfers when traditional bank hours limit movement of funds.

Deel’s DLUSD joins other efforts by payroll and payments companies to use stablecoins for faster cross-border transfers and settlement. Uptake in other high-inflation or underbanked markets will depend on rollout timing and the local features that Deel provides.