Latam Insights: Tether Relocating to El Salvador, Rumble Closes a Cloud Deal with the Salvadoran Government, and Nubank Opens its USDC Rewards Program for all Latam Customers

Welcome to Latam Insights, a compendium of the most relevant crypto and economic news from Latin America over the past week. In this week's edition of Latam Insights, Tether relocates its headquarters to El Salvador, Rumble closes a cloud deal with the Salvadoran government, and Nubank opens its USDC rewards program

This week in Latam crypto and economic news, Tether is preparing to relocate its headquarters to El Salvador after receiving a stablecoin issuer license from the country’s financial regulator. The government of El Salvador also signed an agreement with Rumble for the provision of cloud services, including storage, computing, databases, and Kubernetes integration. Finally, Nubank is expanding its USDC rewards program to all customers, offering a 4% APY on stablecoin holdings.

Tether is in the final stages of moving its operations to El Salvador after receiving a Digital Assets Service Provider (DASP) license as a stablecoin issuer from the country’s financial regulator. The license will allow Tether to conduct its operations in El Salvador.

The decision to move to El Salvador was made because of the country’s progressive and crypto-friendly regulation. Tether is concentrating on one of its strongest market segments: developing nations that face problems in reaching dollars through legacy institutions.

The government of El Salvador recently signed an agreement with Rumble, a Canada-based video and cloud computing platform. The deal includes providing several services to the country, such as cloud storage, cloud computing, databases, load balancers, and Kubernetes integration.

The agreement was reached during a September meeting between Rumble CEO Chris Pavlovski and Salvadoran President Nayib Bukele, which was organized by Bitcoin Office Director Stacy Herbert.

After the meeting, Pavlovski highlighted the significance of this milestone for the company, which demonstrates that its services are “suitable for governments to trust for their most important data and computing needs.”

Nubank, one of the biggest companies in Latin America and the largest neobank in the region, has recently announced a new milestone, opening access to a dollar stablecoin-based savings option in its platform.

The company opened access to its USDC-based rewards program to its entire customer base, allowing all interested users to benefit from holding USDC in their wallets. According to a press release, the expansion was decided after a successful pilot program conducted last year involving a small number of users.

The program will be opt-in, with users wishing to participate having to enable this feature in the Nubank crypto wallet. Customers can enroll in and out of this functionality to obtain a fixed rate of 4% APY.