El Dorado, a leading stablecoin wallet, addresses economic instability in Venezuela, Colombia, and Argentina by enabling users to access U.S. dollars through USDT and USDM stablecoins. With over 1 million downloads, the app has become Venezuela’s top finance application.
A Solution to Economic Instability
In regions experiencing severe inflation and currency devaluation, stable currency access is not a convenience. it is a lifeline. El Dorado allows users to convert local currencies into USDT, protecting savings and enabling transactions in a more reliable medium. Traditional banking in these markets often remains inaccessible or prohibitively expensive.
El Dorado’s approach eliminates intermediaries, reduces costs, and provides a censorship-resistant platform.
“In a market where traditional banking often fails to serve the people, we knew there had to be a better way.” — El Dorado COO
Building the El Dorado App
El Dorado partnered with Candide to abstract blockchain complexity and deliver a seamless user experience. The goal was a product that felt like a modern fintech app, not a crypto wallet.
Zero-Gas on Arbitrum
El Dorado’s standout feature is zero-gas transaction capability via Candide’s Paymaster. Users send and receive funds without needing to understand gas mechanics. Transaction fees are charged in the stablecoin being transferred, keeping costs competitive with services like Wise.
Arbitrum, an Ethereum scaling solution, reduces transaction costs to fractions of a cent. This makes per-transfer economics viable even for small remittances.
“Thanks to Candide’s Paymaster API, we can abstract blockchain transaction fees, offering a smooth experience.” — El Dorado CTO
Stablecoins Delivering Real-World Value
USDT and USDM stablecoins enable real-time transfers at near-zero cost. This approach particularly benefits two groups:
- Families sending remittances: Instant cross-border transfers without the fee structures of traditional wire services
- Freelancers receiving international payments: No exchange rate anxiety, no intermediary delays
For users accustomed to losing 5-10% of a transfer to fees and conversion spreads, the difference is significant.
Security with Safe Accounts
Each user receives a Safe Account. a secure smart contract wallet. El Dorado integrates Candide’s Account Recovery solution, enabling account recovery without sacrificing self-custody. Safe has secured over $100 billion in assets across multiple blockchains.
This combination of security and recoverability addresses a real concern in emerging markets: losing access to funds because of a lost device or forgotten credential.
Looking Ahead
Future features include integrated DeFi activities, allowing users to earn interest on holdings held within the app. The infrastructure foundation is already in place.
“Candide’s tech has been instrumental in helping us deliver a secure, user-friendly platform without the complexity of blockchain jargon. It allows us to abstract the blockchain complexities while safeguarding our users’ funds, which is essential for building trust in the fintech space.” — El Dorado CTO
El Dorado’s partnership with Candide not only makes financial transactions more accessible but also lays the groundwork for broader financial inclusion in Latin America.
“We’re witnessing a growing readiness among users to embrace stablecoins and digital finance. Our mission is to empower individuals to take control of their financial futures, and we’re excited about what lies ahead.” — El Dorado COO