miPlata Common Good Project — ILF Grant Progress Report

#progressreports

Brief Project Description

miPlata is building the first integrated financial platform specifically designed for unbanked Latinos, connecting employers, workers, and families across borders. Our solution consists of three interconnected products: a payroll management platform for employers, a digital banking solution for Latino workers, and an integrated remittance service. We focus on creating a seamless end-to-end solution that links payroll processors, digital banking, and cross-border remittances to solve financial exclusion for the Latino community.

Project Update

Since our last update, miPlata has moved from the planning phase into active production. We have achieved several critical milestones regarding security, infrastructure, and strategic partnerships.

Major Wins:

Live in Production: Our time & USDC card program is officially live. We are currently onboarding our first pilot users in the US.
Security Milestone: We achieved SOC 2 compliance. This was a significant undertaking that required substantial resources but ensures we meet the rigorous security standards required for our banking and payroll partners.
Product Expansion: We have built an extension of our card product, leveraging stablecoin wallets for users with International IDs. This is a critical feature for our target demographic, who may lack US-specific documentation.
Expansion to 16 Countries: On the back of this product expansion, we now have USDC-backed Visa card issuing capabilities available in Argentina, Bolivia, Brazil, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Paraguay, Peru, Uruguay, and the United States, increasing the total reach of our project.

Project Impact & Target Audience(s)

Our primary audience is SMB employers in the construction, hospitality, and agriculture sectors who employ unbanked Latino workers. These businesses currently face significant logistical hurdles and high costs in managing physical payroll for unbanked staff. Additionally, as of Jan. 1, 2026, new US legislation has made cash-based remittances even more expensive for our target users.

Project Impact:

For Employers: miPlata automates payroll for unbanked employees, eliminating the operational overhead associated with physical checks.
For Workers: Through employer partnerships, we help unbanked workers get access to bank accounts. This reduces the total cost of accessing their pay and sending remittances to their families abroad by hundreds of dollars a month. Additionally, through our USDC stablecoin card, US workers and their families abroad can access banking services with international IDs.

Progress on Objectives, Key Activities

Related to our key objectives, we've made significant progress over the last several months:

Banking Infrastructure: We've completed technical integration with our US sponsor bank and are in final compliance review for FDIC-insured account launch in Q1 2026. This marks a critical milestone, enabling our full banking product suite for unbanked Latinos.
Geographic Expansion: We've developed and launched our stablecoin card solution, dramatically accelerating our LATAM expansion timeline. This enables immediate reach across 16 LATAM countries—a major scope expansion that will bring previously unbanked individuals into the Interledger network.
Rafiki Integration Progress: We've completed our technical architecture planning and development environment setup for Rafiki integration. We're currently in Phase 1 (developer sandbox testing) and on track to begin Phase 2 (public test node peering) in Q1 2026, with production testing targeted for Q2 2026. We've identified one potential peer partner and would welcome connections with additional LATAM nodes interested in collaboration.

What’s Next?

Now that we have our US products live, we’re working on executing our Rafiki integration plan and are excited to partner with other grantees in connecting our wallets to the broader Interledger ecosystem.

In parallel with the technical integration, we are also working through the compliance implications while we manage both our USD accounts and stablecoin accounts for our users.

Community Support

It was great meeting so many amazing teams working to build the Interledger ecosystem at the Mexico City conference. We'd love to connect with 1) other builders who have successfully implemented Rafiki to discuss lessons learned and 2) any US businesses that work with temporary labor workers entering the US with H2 visas or pay their employees with physical checks.

The Interledger Community 🌱