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EURC Nubbank enters the U.S. market to promote international expansion with stablecoins as the core
On Thursday, Brazilian digital bank Nubbank officially launched its services in the United States and placed stablecoins at the core of its international expansion strategy. Accompanying its debut in the U.S. banking industry, the company also launched the "Nu Global" multi-currency account. The account converts customers 'deposits into stablecoins such as USDC and EURC, which are pegged to the U.S. dollar and euros respectively.
Nu Global offers competitive interest rates: an annualized rate of return (APY) of 3.50% for US dollar balances and 2.20% for euro balances, with interest calculated on a daily basis. Customers can send and receive funds for free between more than 35 countries, initially covering Europe and Latin America, and later plans to expand to Brazil, Colombia, Mexico and the United States. In addition, users can also hold and trade Bitcoin and Ethereum in the same application.
Targeting the remittance market and reshaping the global payment experience
Nubank's target market is cross-border remittances. According to the World Bank, it is estimated that more than 300 million people will live and work across national borders in 2025, making approximately US$800 billion in cross-border transfers. However, because the transfer process can take several days, they often lose about 6% of their funds to pay fees and exchange rate spreads.
David Vélez, founder and CEO of Nubank, told Bloomberg: "Our vision is to make global remittances as convenient as Pix (Brazil's Instant Payment System). The future of global payments will be Pix." Pix is an instant payment system operated by the Central Bank of Brazil.
Industry Background and Competitor Dynamics
In the fintech field, a Solana Foundation executive once said that "large banks" are preparing to use stablecoins for settlement. At the same time, ARK Invest pointed out that there are currently only two stablecoins that have significant scale effects. Nubbank, the largest digital bank in Latin America, has more than 140 million customers in Brazil, Mexico and Colombia, serves more than 60% of Brazil's adult population, and its net profit in the most recent quarter has exceeded US$1 billion.
Details of Equity Structure and U.S. Business Operations
Warren Buffett's Berkshire Hathaway was one of Nubank's most famous early supporters, investing $500 million in the months leading up to its December 2021 initial public offering. SEC filings show that Berkshire sold its entire stake in early 2025.
In the United States, Nubank's business is conducted through a partnership with FDIC insured partner Lead Bank. The account offers an annualized rate of return of 3.50%, and comes with a Mastercard credit card with no annual fee, offering unlimited 1.5% cash back. Nubbank received conditional approval for a National Bank charter issued by the Office of the Comptroller of the Currency (OCC) in January 2026 and plans to operate independently under its own license after the process is completed.
