Nubank, Latin America's largest digital bank, is reportedly planning to integrate dollar-pegged stablecoins into its credit card transaction system. This initiative, revealed by Nubank's Vice Chairman Roberto Campos Neto, a former governor of Brazil's central bank, highlights the increasing role of blockchain technology in bridging digital assets with traditional financial systems. Campos Neto emphasized the importance of blockchain in enabling tokenized deposits while maintaining credit intermediation.
The pilot program aims to integrate dollar-backed stablecoin payments into Nubank's broader suite of services, aligning with the bank's strategy to create a seamless, AI and blockchain-driven financial ecosystem. According to Campos Neto, most stablecoins are dollar-pegged, which reinforces demand for U.S. Treasuries and raises concerns in Europe, highlighting the geopolitical implications of this move. While he acknowledged the potential for euro-backed stablecoins in the future, he stressed that the dollar's entrenched dominance remains difficult to challenge.
Stablecoins, particularly those pegged to the U.S. dollar, are gaining traction in countries with non-convertible currencies and politically unstable regions. They serve as a store of value and are increasingly used for daily transactions. If Nubank's pilot is successful, it could accelerate the adoption of stablecoins in Latin America, transforming them from speculative assets into practical payment instruments in emerging economies.
Nubank's embrace of stablecoins is not new. In December 2023, Nubank partnered with Circle to offer USDC, a digital dollar stablecoin, on its Nubank Cripto platform. One in four new investors on Nubank Cripto now chooses USDC as their first cryptocurrency purchase, reflecting a growing demand for stablecoins as a means of hedging against currency fluctuations. Executive Director of Cryptocurrencies and Digital Assets at Nubank, Thomaz Fortes, noted that stablecoins like USDC offer stability due to their 1:1 backing with the U.S. dollar and support from liquid assets, serving as a strategic entry point into the crypto market. In 2024, USDC holdings among Nubank customers increased tenfold, with 30% of crypto portfolios including the stablecoin.
Nubank is also expanding a rewards program for its U.S. Dollar Coin (USDC) holders, offering a fixed annual return of 4% on a minimum balance of 10 USDC. This feature is now available to all customers of Nubank Cripto in Brazil.
Nubank has also partnered with Fireblocks, a blockchain infrastructure provider, to expand its blockchain solutions and enhance security for crypto asset custody. Through this collaboration, Nubank is developing new experiences using blockchain technology, including its involvement in the tokenized Real Digital pilot project with Brazil's Central Bank. Fireblocks' infrastructure facilitates secure and efficient transaction settlements through its global network, connecting Nubank with regulated financial institutions and liquidity partners.
Nubank, founded in São Paulo in 2013, serves over 100 million customers across Brazil, Mexico, and Colombia. The bank first entered the digital asset space in 2022 by allocating 1% of its net assets to Bitcoin and rolling out crypto trading for its customers. In March 2025, Nubank broadened its crypto lineup with the addition of four altcoins: Cardano (ADA), Cosmos (ATOM), Near Protocol (NEAR), and Algorand (ALGO).
