dLocal unlocks trapped funds and accelerates payouts
dLocal was one of the first global PSPs to use stablecoins for treasury movement in 2022, in partnership with BVNK. The result was a faster, more flexible settlement process that has since become a blueprint for how to operate in markets with liquidity challenges.
After experiencing the benefits of stablecoin money movement for their own business, dLocal launched stablecoin funding for its global merchant base in 2025, powered by BVNK.
The challenge: trapped liquidity
dLocal (NASDAQ: DLO) is a leading global payments platform that enables enterprise merchants to reach consumers in emerging markets. Operating across 40+ countries, the company processes billions in annual volume for brands like Microsoft, Amazon, and Netflix, connecting them to customers who often don’t have access to international cards or traditional financial infrastructure.
In late 2022, dLocal was looking to solve a growing treasury challenge in emerging markets. dLocal processes local card payments in an emerging market for its enterprise merchants operating in the region. While collections were working smoothly, the real problem emerged when trying to repatriate those funds.
Traditional banking routes were often slow and hard to navigate, with delays in converting local currencies and moving them offshore. The result was a buildup of local currency, creating operational inefficiencies and tying up capital that could otherwise be deployed elsewhere. As dLocal looked to scale, it needed a more reliable way to move money cross-border, without compromising on compliance or introducing unnecessary risk.
The solution: accelerated cross-border settlement via BVNK
dLocal turned to BVNK to explore whether stablecoins could offer a viable way to unlock trapped capital.
Using BVNK’s platform, dLocal was able to:
- Convert local currencies into stablecoins
- Move funds in minutes using blockchain rails, bypassing any potential banking delays
- Convert those stablecoins into euros, and settle into European bank accounts
The flow was managed end-to-end within BVNK’s platform – giving dLocal the speed, visibility, and a compliance framework it needed to operate confidently at scale. BVNK’s flexible infrastructure enabled dLocal’s finance team to reduce the time between collection and upstream settlement from days to minutes, freeing up liquidity and reducing exposure to currency volatility.
The results
- Unlocked trapped capital
- Significantly faster settlement cycles, improving working capital efficiency
- A foundation for expansion, as dLocal now extend stablecoin flows to merchant payouts
What began as a solution to a treasury problem has now evolved into a strategic capability. dLocal has expanded its use of BVNK’s infrastructure to accelerate crossborder payments for its merchants across LATAM, EMEA and APAC, opening up new ways to serve enterprise clients in emerging or high-cost FX markets.
Using BVNK’s infrastructure, dLocal now enables its global merchants to fund cross-border payouts using stablecoins instead of wire transfers, accelerating payment cycles.
“dLocal is constantly exploring ways to expand access and improve settlement times for our clients. By integrating BVNK’s stablecoin capabilities, we can offer even faster, borderless payments - without compromising compliance or control.”
– John O’Brien, CRO at dLocal
Expanding the partnership
As the partnership deepened, so did the use cases.
Today, dLocal is:
- Enabling merchants to prefund its cross border payments in stablecoins.
- Sending stablecoins to its payout providers or liquidity partners to manage final conversion into local currencies.
- Netting same-currency stablecoin flows to reduce conversion costs and streamline their operational costs.
With BVNK as a trusted partner, dLocal has the infrastructure in place to meet merchant demand, expand into new markets, and solve similar challenges wherever they arise.
