Overview
- Nu Global, which launched on September 10, is a multi-currency digital account that automatically converts customer deposits into Circle’s USDC for dollars and EURC for euros.
- Those stablecoin balances earn a daily variable yield that Nubank advertises as 3.50% APY for USDC and 2.20% APY for EURC, with interest credited each day.
- The account offers fee-free transfers to more than 35 countries, a virtual Mastercard with no markup fees for global spending, and in-app trading and custody options for selected crypto assets such as Bitcoin, Ethereum and Solana.
- Nubank is operating in the U.S. through a partnership with FDIC-insured Lead Bank while its own national bank charter remains conditionally approved and subject to further Federal Reserve and FDIC sign-offs.
- Built on NuCrypto’s earlier USDC work, the launch aims to scale cross-border remittances and multi-currency spending for Nubank’s 140 million users but raises open questions about who holds the stablecoins, how yields are generated, and whether customer balances receive deposit insurance.