Deel has launched a stablecoin wallet for contractors in Latin America, giving them a dollar-backed balance that holds its value against local currency depreciation. The wallet includes an earn feature that lets them generate yield without leaving the platform. RedStone is the oracle layer securing every position in that vault.
TL;DR:
- In LATAM, salaries paid in local currency can lose 20-40% of their value against the U.S. dollar in a single year. Deel’s stablecoin wallet lets contractors receive payments directly in their native stablecoin DLUSD.
- The wallet also includes an earn feature, routing contractor balances through a Sentora-curated Morpho vault on Tempo: a single lending market, currently over $2M in size.
- That market is fully secured by RedStone’s cbBTC and pathUSD price feeds on Tempo, updated whenever price deviates beyond 0.5%.
- RedStone has zero mispricing incidents across 200+ protocols and 110+ chains.
Currency Depreciation and the Yield Gap
In LATAM, a salary paid in local currency can lose 20-40% of its value against the U.S. dollar in a single year. In 2025, 85% of contractors on Deel’s platform in Argentina chose to be paid in USD rather than pesos, hedging against that depreciation directly.
But holding dollar savings still requires opening a separate account and paying the exchange rate. That’s why countries like Argentina have one of the highest stablecoin adoption rates in the world, accounting for over 70% of exchange purchases.
Deel has been offering stablecoin payment options to contractors for some time. The stablecoin wallet takes it a step further, allowing contractors to receive payments directly in USD and protect their earnings against local currency depreciation.
The wallet uses DLUSD, Deel’s dollar-backed stablecoin as its native currency. The earn feature goes further, giving contractors access to yield-generating services that were previously out of reach in high-inflation markets.
How Deel’s Earn Feature Works
Deel’s stablecoin earn feature runs on Morpho, a DeFi lending protocol with $7.5B+ in total value locked (TVL). Morpho’s modular system ensures that the vault used by Deel, where contractors are holding savings rather than running active DeFi strategies, is not exposed to risks from other markets in the protocol.
Contractors deposit DLUSD, Deel’s dollar-backed stablecoin, which is then routed into the vault as pathUSD, Tempo’s native stablecoin. Both assets track the dollar at 1:1, so the conversion is seamless from the contractor’s perspective.
The vault operates as a single lending market, currently over $2M in size, where borrowers post cbBTC as collateral to borrow pathUSD. Tempo is a payments blockchain built around real-world financial flows. Both assets have been priced by RedStone on Tempo since May 2026.
Sentora is one of the largest public vault curator in DeFi with nearly $2B flowing through their vaults. It curates the Morpho vault powering Deel’s earn feature, managing risk parameters and supply caps to ensure it meets institutional standards.
But yield earned through a DeFi lending vault is only as safe as the price data securing it. Sentora chose RedStone as the oracle layer to secure its vault on the Deel platform.
RedStone Secures Deel’s User Yield
Sentora’s vault holds pathUSD supplied by Deel contractors and lends it to borrowers who post cbBTC as collateral. For that market to function safely, the protocol needs to know what cbBTC is worth at all times.
RedStone’s push feeds on Tempo update the cbBTC and pathUSD prices onchain whenever price deviates beyond 0.5%, with a maximum 6-hour update interval. When a borrower’s collateral value drops toward the liquidation threshold, the protocol has accurate data for liquidations to take place.
A feed that updates too slowly introduces a window where the protocol’s understanding of collateral value diverges from reality. In that window, bad debt can accumulate. For Deel contractors, accurate pricing is what keeps yield arriving as expected and their savings secure.
The cbBTC and pathUSD feeds securing Sentora’s vault are sourced across multiple venues, aggregated to remove outliers, and delivered at the frequency the market requires. RedStone has recorded zero mispricing incidents across 200+ protocols and 110+ chains.
The Use Case DeFi Was Built For
Deel’s stablecoin wallet launched in Latin America, starting with Argentina. APAC, MENA, and Africa are next. Each of those regions shares the same two problems that are moving contractors toward stablecoins: value preservation and access to yield. The recent launch by Deel addresses both. With over 25,000 businesses and millions of contractors on the platform, the potential reach of this deployment extends well beyond Latin America.
DeFi products have typically been built for people who already had dollar access and were looking for additional returns. Stablecoin rails and onchain lending markets are now reaching the people who need them most. This deployment is one of the clearest signs of what that looks like in practice. RedStone is the data layer that makes it possible.
