London, United Kingdom, February 25th, 2025,
Chainwire
Littio, a Colombian fintech focused on
protecting Latin Americans from devaluation through various
dollar-based product offerings, is launching a new EURO account and
savings option, using Circle’s EURC and OpenTrade's real-world asset
(RWA)-backed stablecoin yield platform via the Avalanche network.
This new offering allows Littio users in Latin America and Europe
to instantly create a EURO IBAN account and earn stable yield on
their holdings, with no minimums, which is unmatched by any other
EUR-based bank account options on the market today. Latin American
people and companies will now be able to seamlessly open a European
account, accept local payments, send money home, and earn a
superior yield on their savings.
Littio's mobile banking app has already helped tens of thousands
of users overcome a prevalent barrier within the LatAm banking
sector–the
lack of access to dollar-based savings accounts. Through their
USDC yield product powered by
OpenTrade, Littio has been able to provide users with a true
end-to-end USD banking and savings outlet offers have a simple,
fast, low-cost means of converting pesos into dollars (via USDC),
which they can save, transfer, and spend in-app or with a Littio
international card. This combination of simplicity and returns that
far exceeds those offered by any traditional banks in the region,
has allowed Littio to drive significant adoption over the course of
2024 with over $100M USDC yield subscription volume through
OpenTrade’s USDC yield vault, which has become one of the fastest
growing RWA protocol on the Avalanche network (January,
2025).
Off the back of the success of Littio’s USDC yield product, and
to fill the current gap in EUR-denominated account offerings,
Littio is bringing the same experience and benefits to this new
IBAN account and savings product. By unlocking access to EURO
accounts and savings for users across Latin America and Europe,
three distinctly new use cases for three distinctly new customer
personas are unlocked:
- Freelancers living in Latin America can now seamlessly accept
payments from European clients in their personal European bank
account.
- Latin American migrants living and working in Europe can now
send hard-earned money to their families.
- Latin American companies operating in Europe have a new
cost-effective option to repatriate European profits.
- Latin Americans studying in Europe can now save and spend in
euros (i.e., masters degrees, college)
Our 6% yield is unmatched for both EURC and EUR bank accounts.
It will incentivize adoption, unlock savings options for people who
didn't have them before, and perhaps unlock new use cases for
customer personas we are not yet seeing.
This is a perfect example of how stablecoin infrastructure is
coming together to deliver products for the underbanked. These are
not people without bank accounts. Instead, they are people with
needs for financial services that are not addressed by traditional
banks.
"Littio’s new EURO IBAN account and savings offering exemplifies
how Avalanche’s technology can power innovative financial solutions
that are otherwise inaccessible via traditional banking rails,”
said Morgan Krupetsky, Head of Institutions & Capital Markets
at Ava Labs. “By leveraging Avalanche’s high-performance, low fee
network, Littio and OpenTrade can offer cross-border banking
solutions to users who have historically been underserved. We’re
excited to continue seeing this next wave of real-world financial
products and services being built on Avalanche.”
“This product is truly transformational for Latin American
people and companies operating in Europe,” said Felipe Galvis, SVP
of Business Development at OpenTrade. “We can now seamlessly open a
European bank account, accept and send payments to all European
Economic Area countries, send money home at the speed of the
internet, and earn the best Euro yield anywhere in the world. The
product is a testament to ecosystem collaboration yielding
compelling financial solutions tailored to the needs of the
underbanked.”
About OpenTrade
OpenTrade is an institutional
grade platform for real world asset backed lending and stablecoin
yield products. Backed by investors including a16z Crypto and
Circle, the OpenTrade platform has been built to allow any company
to power their own stablecoin yield products for their users, who
can trust in OpenTrade’s enterprise-grade technology systems, and
the security guarantees of our time-tested legal protections and
bank-grade asset management operations.
About the Avalanche Blockchain Network
Avalanche is an ultra-fast, low-latency blockchain platform
designed for builders who need high performance at scale. The
network’s architecture allows for the creation of sovereign,
efficient and fully interoperable public and private layer 1 (L1)
blockchains which leverage the Avalanche Consensus Mechanism to
achieve high throughput and near-instant transaction finality. The
ease and speed of launching an L1, and the breadth of architectural
customization choices, make Avalanche the perfect environment for a
composable multi-chain future.
Supported by a global community of developers and validators,
Avalanche offers a fast, low-cost environment for building
decentralized applications (dApps). With its combination of speed,
flexibility, and scalability, Avalanche is the platform of choice
for innovators pushing the boundaries of blockchain technology.
About Ava Labs
Ava Labs is a leading blockchain technology company dedicated to
empowering organizations to build scalable decentralized
applications (dApps) and custom blockchains. Headquartered in New
York City, Ava Labs is driven by a dynamic team that creates
cutting-edge tools for developers, enabling them to harness the
power of the community-driven Avalanche Blockchain Network. Ava
Labs supports the launch of Avalanche Layer 1 blockchains, helping
clients—from startups to government agencies, financial
institutions, gaming companies, and telecoms—transform industries
and pioneer new ones.
Contact
Jeff
Handler
jeff@opentrade.io