Deel, a global payroll and HR platform used by companies to hire and pay workers across countries, said in a June 3 blog post that it is launching a stablecoin wallet for contractors, starting with early access in Argentina.
The product lets contractors hold pay in DLUSD, a dollar-denominated digital balance inside the Deel app that is designed to track the value of the U.S. dollar at 1 to 1.
- While that makes DLUSD stablecoin-like, Deel's own wording stops short of treating it like a public crypto token that users can trade freely outside the platform.
Deel said DLUSD is redeemable for USD value within the platform, with stablecoin-related functionality powered by licensed third-party partners, without naming them.
- In a separate X post, Deel CEO Alex Bouaziz clarified the product was built with help from Stripe's stablecoin infrastructure unit Bridge, crypto wallet infrastructure provider Privy, payments-focused blockchain Tempo, DeFi lending protocol Morpho and crypto risk analytics firm Sentora.
The product is launching first in Latin America, with early access in Argentina. Contractors in other Latin American countries will be onboarded over the next few weeks, Deel said, with APAC, MENA and Africa planned for later. Only contractors who completed KYC on Deel are eligible.
While DLUSD may sound like a regular stablecoin, Deel says it isn't a bank account, fiduciary deposit or legal tender. It also isn't insured by the FDIC, FSCS or any similar government insurance program.
In addition to stablecoin wallet, Deel is also adding an Earn feature that lets contractors opt into rewards on their DLUSD balance. The company said rewards start accruing once users opt in and can be withdrawn fully or partly at any time, with no lock-up or penalty.
The company also plans to launch a Deel Card later this year, letting contractors spend their DLUSD balance directly from the wallet when it becomes available, though the blog post doesn't name the card issuer or explain which payment network will power it.
- The wallet builds on Deel's earlier stablecoin payroll push. In May, the company announced full-time employees in the U.S. and Eurozone could receive part of their net salary in dollar- or euro-backed digital currencies, after first offering stablecoin withdrawals to contractors.
- Launched in 2019 by Alex Bouaziz, Shuo Wang and Ofer Simon, Deel has grown from a remote-work payroll startup into one of the largest private HR and payroll platforms.
- The company said in October 2025 that it raised $300 million in a Series E round, valuing Deel at $17.3 billion. Ribbit Capital co-led the round alongside existing investors Andreessen Horowitz and Coatue.