This week’s top LATAM cryptocurrency news focuses on two key actions in the region: Banco Safra introduced Safra Dollar, a US dollar-backed stablecoin designed to make dollar exposure more accessible to Brazilian investors. Bitget Wallet, on the other hand, teamed up with Web3 growth platform Spindl to tackle one of the industry’s most critical issues: how consumers discover and interact with on-chain applications. These initiatives show how Latin America is progressively adopting digital financial innovation and positioning itself as a leader in Web3 adoption. Safra launches US dollar-backed Stablecoin Banco Safra has announced the creation of Safra Dollar , a stablecoin entirely backed by the US dollar at a 1:1 ratio. Developed in collaboration with California-based tokenisation business Hamsa, the digital asset is registered on a private blockchain and is intended to make dollar exposure more accessible to Brazilian investors. The product is available to both individuals and corporations, has a minimum investment of 1,000 reais (about USD 188), provides D+1 liquidity, and is exempt from IOF tax. Transactions can be completed entirely via Safra’s digital channels, which include the mobile app and internet banking platform. Safra emphasises that each operation is backed by short-term dollar reserves to preserve parity, ensuring liquidity and stability. While the stablecoin does not provide yield, it reflects US dollar exchange rate swings and offers the advantages of blockchain technology, such as security, traceability, and predictability. The plan builds on Safra’s previous forays into the crypto sector, which included the 2023 launch of the SAF Crypto Selection fund and the 2024 Bitcoin fund connected to BlackRock’s ETF. With Safra Dollar, the bank expands its offering for clients seeking international diversification without opening foreign accounts, cementing its position at the forefront of digital finance in Brazil. Bitget Wallet partners with Spindl to tackle Web3 discovery Bitget Wallet, a prominent non-custodial crypto wallet with over 80 million users, has announced a strategic agreement with Web3 growth platform Spindl to tackle one of the ecosystem’s most pressing issues: user discovery and engagement measurement across chains. In today’s fragmented Web3 market, user journeys can involve numerous protocols and wallets, making it difficult for projects to trace how users discover and interact with them. Traditional Web2 attribution models, which rely on clicks and impressions, fail to capture relevant on-chain behaviour, such as wallet connections or transactions. Spindl’s attribution architecture intends to close this gap by using blockchain as a transparent marketing database, allowing projects to directly link outreach initiatives to verifiable on-chain behaviour. Spindl’s placements will be included in Bitget Wallet’s Discover feature as part of this cooperation, making it the first wallet-native attribution experiment of its sort. By embedding transparent analytics within a self-custodial environment, the program aims to transform wallets into strong distribution channels for Web3 applications, allowing developers to reach audiences more effectively while providing verifiable performance metrics. Jamie Elkaleh, CMO of Bitget Wallet, underlined that addressing the attribution question is critical for the next wave of Web3 growth, as wallets are frequently users’ first point of entry into decentralised services. Spindl sees the agreement as an opportunity to scale its service, particularly in Asia, where Web3 use is accelerating. Together, the companies hope to bridge the gap between discovery and engagement by providing a paradigm that promotes openness, decentralisation, and long-term growth in the blockchain ecosystem. USDT surpasses 300 Bolívares amid Venezuela’s currency crisis The price of USDT in Venezuela has crossed 300 bolívars , illustrating the increasing devaluation of the national currency due to hyperinflation and a shortage of foreign exchange. USDT trades at 305 bolívares on Binance P2P, confirming its status as the key reference for the digital dollar. Economists warn that this milestone is more than a transitory fluctuation—it signifies the deeper downfall of the bolívar as a viable currency. With the central bank hampered by sanctions and declining reserves, official liquidity operations increasingly rely on USDT rather than physical dollars, indicating a fundamental shift in Venezuela’s parallel market. In this climate, USDT has evolved as the preferred mechanism for saving, pricing, and payments, even outperforming physical dollars in many day-to-day activities. Millions of Venezuelans, from freelancers to taxi drivers, change their earnings directly into the stablecoin to protect themselves from inflation, while businesses of all sorts now set prices using USDT. According to Sherlock Communications, stablecoins now account for more than 47% of transactions under $10,000. However, the rapid shift generates new distortions: customers say that paying with Binance Pay can be more expensive than the parallel exchange rate, and the central bank’s ongoing printing of bolívares to purchase USDT further drives inflation, which is presently projected at above 229% each year. Economists worry that Venezuela’s reliance on Tether highlights the vulnerability of its financial system, with the bolívar losing relevance in the country’s economy. 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