Nu launches U.S. bank accounts and USDC global accounts

Nubank announced two new services: U.S. traditional banking services and global stablecoin accounts

Nubank (hereinafter referred to as "Nu") officially disclosed two new financial product services it launched in the U.S. market through a company press release and corresponding Securities and Exchange Commission (SEC) filings on September 10.

Nu is currently launching U.S. financial products through cooperation with Lead Bank, while its own national banking license is still in its preliminary stages. At the same time, Nu Global accounts convert customer deposits into stablecoins such as USDC or EURC and support cross-border transfers in more than 35 countries.

U.S. Domestic Business: Relying on partner banks to provide comprehensive services

Nu's U.S. platform provides banking services including savings accounts, debit cards, credit cards, and domestic and international transfers through Lead Bank. Lead Bank is a member of the Federal Deposit Insurance Corporation (FDIC) and is responsible for providing regulated banking and card services to Nu's U.S. accounts.

• High-yield savings: Available dollar balances provide an annualized rate of return (APY) of 3.50%. Interest is calculated and credited to the account on a daily basis, while customers can access funds deposited into specified savings goals at any time.
• Insurance protection: Deposits are held by Lead Bank and are covered by FDIC insurance in accordance with applicable legal restrictions and eligibility requirements.
• Debit Card and Transfer: The account comes with a limited edition metal debit card. According to Nu, domestic transfers are free of fees; international transfers only support Brazil, Mexico and Colombia at the beginning, and plans to expand to more countries in the future, but a complete expansion timetable has not yet been announced.
• Credit card benefits: Nu's Mastercard World Elite credit card is free of annual fees and initially provides an unlimited 1.5% cash back. After certain conditions are met, the cashback rate is expected to increase to 2%.
• Advanced Savings Goal: Customers can earn a 4.50% APY savings goal of up to US$10,000 if they bind their savings account to a credit card and complete eligible transactions.

Nu emphasized that the word "soon" is used to describe the higher interest rates and cash back rates mentioned above, so 4.50% revenue and 2% cash back should not be regarded as benefits that all customers can enjoy at launch. Cristina Junqueira, co-founder and CEO of Nu's U.S. operations, said the company wants its app to be the primary carrier of banking relationships for its customers and believes that even a small share of the U.S. market will have a transformative impact on its business.

Nu Global: stablecoin accounts and cross-border payments

Nu Global is a global account product independent of Lead Bank's business. According to an SEC filing, the account is operated through Nu Global AG in Switzerland, which converts funds deposited by customers into USDC or EURC stablecoins issued by Circle.

• Revenue structure: USDC balance advertising annualized yield is 3.50%, and EURC balance is 2.20%. Nu said the gains are accumulated on a daily basis, but did not commit to maintaining interest rates for a fixed term.
• Cross-border use: The account includes a virtual Mastercard that allows users to spend globally at competitive exchange rates without additional foreign exchange markups, subject to the terms of each jurisdiction.
• Transfer scope: initially focuses on covering the transfer corridor between Europe and Latin America. Follow-up plans to connect the Nu systems in Brazil, Colombia, Mexico and the United States, but the specific launch date is not yet determined.
• Digital Asset Management: Users can hold and trade a limited number of digital assets, including Bitcoin and Ethereum, through the same application. Nu has not yet released a complete list of assets, supported blockchain networks or withdrawal conditions.

Regarding financial security, Nu Global AG is a member of the VQF, a self-regulatory organization recognized by the Swiss Financial Markets Authority (FINMA). Nu's official website pointed out that if Nu Global AG goes bankrupt, the customer's balance will be guaranteed by Swiss banks for default in accordance with the law. This is different from FDIC deposit insurance, and Nu's announcement did not specify the bank guaranteeing, the amount insured or how to handle claims arising from fluctuations in the value of stablecoins.

In addition, Nu did not disclose the source of USDC and EURC advertising revenue in press releases or SEC filings. The company did not say whether the return came from issuer incentives, reserve income, loans, treasury assets or Nu-funded subsidies. Relevant reports pointed out that the income attached to stablecoins may face risks that exceed the protection of ordinary bank deposits, depending on the entity from which the income is derived and the deployment of client funds.

National Bank License Progress: From Preliminary Approval to Full Operation

Nu applied to establish Nubank, National Association (N.A.) on September 30, 2025. On January 29, 2026, the Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval.

The OCC's letter authorized Nu to continue forming the proposed bank, but did not allow Nubank, N.A. Start banking immediately. Before receiving final authorization, the proposed bank must meet the OCC's pre-opening conditions, obtain FDIC deposit insurance, and apply for shares from the Federal Reserve Bank. Regulators reserve the right to modify, suspend or revoke preliminary approvals.

Nu said earlier this year that it expects to inject capital into the bank within 12 months and open within 18 months. This means that unless the company completes the requirements ahead of schedule, regulatory work will continue into 2027. Once authorized, Nubank, N.A. It is expected to provide deposit, credit, loan and digital asset custody services, and support digital asset purchase, sales, on-chain transfer and pledge services as instructed by customers.

Currently, Nu is using Lead Bank to enter the U.S. market, while its own license is still in the formation stage. As a result, customers currently opening U.S. products receive services from cooperative banks rather than the proposed Nubank, N.A. services.

Expansion Background: Success from Latin America

At the time of the new product launch, Nu reported that its total number of customers in existing markets has exceeded 140 million. The company has operations in Brazil, Mexico and Colombia, and its parent company Nu Holdings has been listed on the New York Stock Exchange since 2021.

• Market position: In Brazil, Nu serves more than 60% of the adult population; in Mexico, it is the largest digital bank; in Colombia, it is the fourth largest financial institution by deposits.
• Digital asset layout: Nu has previously carried out digital asset-related work in Latin America. As of March 2026, its Brazilian crypto platform has more than 7 million customers and has launched a reward mechanism based on Solana pledge.
• Financial performance: In the most recently reported quarter, Nu's net income exceeded US$1 billion and its return on equity exceeded 32%.

As access rights are gradually expanded through phased releases, early U.S. applicants may receive limited edition metal Mastercard cards, while transfers to more countries, higher cash back rates and savings proceeds are scheduled for subsequent releases, and there is no clear release date.