Nu launches U.S. banking and USDC global account

Nu disclosed the two launches on Sept. 10 through a company release and a corresponding SEC filing.

Users can register for access, although the company release described both offerings as products that will be released in stages beginning Sept. 10.

The U.S. operation provides deposit accounts, debit cards, credit cards and domestic or international transfers through Lead Bank. Nu Global serves cross-border customers through accounts denominated in USDC and EURC, with transfers available across more than 35 countries.

The two products use different legal structures. Lead Bank, a member of the Federal Deposit Insurance Corporation, provides the banking services behind the U.S. account. Nu Global AG operates through a Swiss regulatory framework and converts deposited funds into stablecoins.

Nu enters U.S. banking through Lead Bank

Nu’s U.S. account pays 3.50% annual percentage yield on available dollar balances. The company says interest is calculated and credited daily, while customers retain immediate access to money placed in designated savings goals.

Deposits are held by Lead Bank and receive FDIC insurance subject to applicable legal limits and eligibility requirements. Nu’s U.S. website states that Nu is a financial technology company, not a bank, while Lead Bank supplies the regulated banking and card services.

A limited-edition metal debit card accompanies the account. Customers can send domestic transfers without a fee, according to Nu, while international transfers will initially cover Brazil, Mexico and Colombia. The company plans to add more countries but has not published a full expansion schedule.

Nu’s Mastercard World Elite credit card carries no annual fee and pays 1.5% unlimited cashback. Customers who meet conditions that have not yet been fully detailed may eventually increase the rate to 2%.

Future account features include a 4.50% APY savings goal capped at $10,000 for customers who pair the deposit account with the credit card and complete qualifying transactions. Since Nu repeatedly uses “soon” for these higher rates, neither the 4.50% yield nor 2% cashback should be treated as available to every customer at launch.

Cristina Junqueira, co-founder and CEO of Nu’s U.S. operation, said the company wants its app to become customers’ primary banking relationship. She claimed that “capturing even a small share of the U.S. market will be transformative for our business,” though Nu has not issued a U.S. customer, deposit or revenue target.

Nu Global converts customer money into stablecoins

Nu Global operates separately from the Lead Bank offering. Funds deposited through the global account are converted into Circle-issued USDC or EURC, according to the SEC filing.

USDC balances receive an advertised 3.50% APY, while EURC balances receive 2.20%. Nu says both rates accrue daily. The company has not committed to maintaining either rate for a fixed period.

The account includes a virtual Mastercard for global purchases. Nu says users can spend at competitive exchange rates without an added foreign-exchange markup, subject to the product’s terms and availability in each jurisdiction.

Transfers are initially focused on corridors between Europe and Latin America. Connections with Nu’s systems in Brazil, Colombia, Mexico and the U.S. are planned for later, but the company has not supplied individual launch dates. Customers can hold and trade a limited selection of digital assets through the same app, including Bitcoin and Ethereum. Nu has not published the complete asset list, supported blockchain networks or withdrawal conditions in its announcement.

Nu Global AG is a member of VQF, a self-regulatory organization recognized by the Swiss Financial Market Supervisory Authority. Nu’s website says customer balances are covered by a Swiss bank default guarantee to the extent required by law if Nu Global AG becomes insolvent.

The guarantee is different from FDIC deposit insurance. Nu’s announcement does not identify the guaranteeing bank, state a coverage amount or explain how claims involving changes in stablecoin value would be calculated.

Nu has not identified the source of the advertised USDC and EURC yields in its release or SEC filing. It has not said whether the return comes from issuer rewards, reserve income, lending, treasury assets or a subsidy funded by Nu.

In related coverage, crypto.news reported that yield attached to stablecoins can carry risks outside ordinary bank-deposit protections, depending on which entity produces the return and how customer funds are deployed. Nu has not described its product as a decentralized finance strategy.

Nu’s national bank charter is not yet final

Nu applied to establish Nubank, National Association, on Sept. 30, 2025. The Office of the Comptroller of the Currency granted preliminary conditional approval on Jan. 29, 2026.

The OCC letter authorizes Nu to continue organizing the proposed bank. It does not permit Nubank, N.A. to begin banking operations immediately. Before receiving final authorization, the proposed bank must meet the OCC’s preopening conditions, obtain FDIC deposit insurance and apply for stock in a Federal Reserve Bank. The regulator retains authority to modify, suspend or withdraw the preliminary approval.

Nu said in January that it expected to capitalize the bank within 12 months and open it within 18 months, as required by the approval process. Those time frames point to regulatory work continuing into 2027 unless the company completes the requirements earlier.

Once authorized, Nubank, N.A. expects to provide deposits, credit, lending and digital-asset custody. The OCC letter says the proposed bank plans to support customer-directed purchases, sales and on-chain transfers of bank-custodied digital assets, along with staking services.

As crypto.news explained in its review of how OCC national charters govern crypto businesses, conditional approval does not equal authorization to begin operating. Applicants must complete capital, management, compliance and operational requirements before receiving final approval.

Nu is using Lead Bank to enter the market while its own charter remains in the organization stage. Customers opening current U.S. products therefore receive services from the partner bank, not from the proposed Nubank, N.A.

U.S. expansion follows Nu’s Latin American growth

Nu reported more than 140 million customers across its existing markets when it announced the new products. The company operates in Brazil, Mexico and Colombia, while its parent, Nu Holdings, has traded on the New York Stock Exchange since 2021.

In Brazil, Nu says it serves more than 60% of the adult population. The company describes itself as Mexico’s largest digital bank and Colombia’s fourth-largest financial institution by deposits. Each ranking comes from Nu’s corporate announcement.

The expansion follows Nu’s previous work with digital assets in Latin America. Its Brazilian crypto platform had more than 7 million customers by March 2026, when the company introduced staking-based rewards for Solana.

Nucoin provided an earlier link between the company’s banking and token products. As crypto.news previously reported, Nubank created Nucoin as a blockchain-based customer rewards asset before adding more conventional crypto trading and stablecoin services.

For its latest reported quarter, Nu said net income exceeded $1 billion and return on equity surpassed 32%. Its announcement did not provide separate spending estimates, customer projections or profitability deadlines for the U.S. and Nu Global businesses.

Access will expand through a staged release. Nu said early U.S. applicants may receive limited-edition metal Mastercard cards, while transfers to more countries, enhanced cashback and the higher savings yield remain scheduled for later releases without firm public dates.