Gnosis Offers Partnership for Stablecoin Card Programs in Latin America

Traditional card programs require businesses to prefund settlement accounts with 3-5 days of projected spend as collateral. This creates idle working capital that generates no returns. **Key changes with stablecoin settlement:** - Funds move at the moment of spend - No prefunding required - No idle float sitting in accounts - Uses existing card rails with modified fund flow The traditional model exists because card networks like Visa pay merchants regardless of whether users have topped up their accounts. The collateral protects against businesses disappearing. While stablecoins settle in seconds, card networks still plan for potential week-long business failures, maintaining the same collateral requirements despite faster settlement technology.

**Gnosis Pay Security Breach Update** On June 1st, Gnosis Pay suffered a security incident that impacted card accounts. The company has since: - Fully contained the vulnerability - Restored all affected user balances - Published a detailed post-mortem analysis Operations resumed in batches starting June 8th, with card functionality gradually returning to normal. Users can review the complete technical breakdown and response timeline in the official post-mortem. [Read the full post-mortem](https://www.gnosis.io/blog/post-mortem-gnosis-pay-vulnerability-exploit)

Brazilian neobank Picnic has launched a savings feature that combines on-chain yield generation with decentralized insurance coverage while maintaining full user custody. **Key Features:** - Users earn yield on dollar holdings while retaining complete self-custody - Insurance coverage provided on-chain through [Nexus Mutual](https://nexusmutual.io) via [OpenCover](https://opencover.com) - Built on [Gnosis Chain](https://www.gnosis.io) - All functionality integrated into a single application The product represents a practical implementation of decentralized finance principles within a traditional banking interface, allowing Brazilian users to access crypto-native financial services without sacrificing control of their assets.

**BRLA stablecoin transfer volumes are experiencing significant growth in Brazil**, according to data highlighted by a16z. **The integration combines two key elements:** - BRLA onboarding for crypto users - Gnosis Pay card spending at any Visa-accepting merchant This creates a straightforward bridge between cryptocurrency holdings and everyday purchases. Brazilian users can now spend their crypto holdings at millions of retail locations worldwide that accept Visa. **Context:** Brazil has emerged as a strong market for crypto payments, with USDC previously representing 8% of all Gnosis Pay transactions and the platform serving over 8,000 users in the country. The growth suggests increasing adoption of stablecoin-based payment solutions in Latin America's largest economy.

Rebind has officially integrated with Gnosis Pay, enabling users to spend onchain assets in real-world transactions. **Key Features:** - Rebind users can now access the Gnosis Pay card for IRL spending - Gnosis Pay community gains new DeFi yield management options - Integration bridges onchain assets with everyday purchases The partnership combines Rebind's platform with Gnosis Pay's card infrastructure, creating a pathway for cryptocurrency holders to use their digital assets for physical purchases.