US spot Bitcoin exchange-traded funds (ETFs) saw a sharp weekly reversal, posting $462.7 million in net outflows after three straight weeks of inflows. The shift came across all four trading sessions from Tuesday through Friday, according to data from Farside Investors, with the selling extending the slide into a fourth consecutive day.

Ether ETFs moved in the opposite direction over the same period, recording nearly $197 million in net inflows. Farside Investors reported that US spot Ether products drew $196.9 million during the four-day window, even as flows were choppy earlier in the week.

Key takeaways

• US spot Bitcoin ETFs recorded $462.7 million net outflows for the four-session week, reversing a three-week inflow streak.
• Bitcoin ETF outflows were broad-based across sessions, with Thursday’s $282.7 million withdrawal the largest daily outflow since July.
• Despite the weekly reversal, spot Bitcoin ETFs remain net positive for September, with $307.3 million in inflows through Friday.
• US spot Ether ETFs delivered $196.9 million in net inflows, led on Friday by BlackRock’s iShares Ethereum Trust ETF with $148.8 million.

Bitcoin ETFs reverse course after three-week inflow run

According to Farside Investors, Bitcoin ETF outflows unfolded across every session from Tuesday to Friday. The withdrawal week followed what the market data described as the strongest three-week inflow stretch of 2026, which ended after funds shed $166.8 million during the first two days of the holiday-shortened week.

The pressure intensified on Thursday, when US spot Bitcoin ETFs posted net outflows of $282.7 million—reported as the largest daily withdrawal since July. Friday’s outflow slowed to $13.2 million, but SoSoValue data indicates it still extended the streak of negative daily flows to four trading days.

That combination—one very large day followed by continued (though smaller) withdrawals—helps explain why the weekly total turned decisively negative. Investors watching ETF flows typically treat these reversals as short-term signals of changing risk appetite, especially when they break prior momentum rather than merely pausing inflows.

Which funds drove weekly Bitcoin outflows

Farside Investors’ breakdown shows that ARK 21Shares’ Bitcoin ETF led the weekly withdrawals with $234.2 million in net outflows. Grayscale’s Bitcoin Trust ETF followed with $129.1 million.

BlackRock’s iShares Bitcoin Trust ETF also saw withdrawals, losing $52.5 million over the week. Fidelity’s Wise Origin Bitcoin Fund recorded net outflows of $50.7 million. Together, the results suggest the reversal was not isolated to a single product—multiple major issuers posted negative weekly flow.

While daily volatility can be normal for ETF baskets, the fact that several large operators posted sizable weekly declines is notable for traders who monitor whether outflows are concentrated (often linked to specific investor behavior) or distributed across the complex.

Broader flow picture: still net positive for September

Even after the weekly reversal, spot Bitcoin ETFs remain in positive flow territory for the month. According to the report, through Friday these products have accumulated about $307.3 million in net inflows for September.

That matters because it changes how the week’s news may be interpreted. A negative week can reflect temporary positioning or macro-driven caution, but a still-positive month indicates that large inflows have not fully disappeared across the broader period. For market participants, the key question going forward is whether the ETF complex can stabilize its daily flows before monthly net gains start to erode.

Ether ETFs turn positive with strong Friday inflows

On the Ether side, US spot Ether ETFs recorded $196.9 million in net inflows over the same Tuesday-to-Friday period, per Farside Investors. The week’s flow pattern looked more uneven earlier, with $24.3 million in outflows on Tuesday, $34.7 million in inflows on Wednesday, and $29.9 million in outflows on Thursday.

Friday marked the turning point. The Ether funds drew $216.4 million in net inflows, flipping the four-day total into positive territory despite the earlier back-and-forth.

Product leadership also differed by day. BlackRock’s iShares Ethereum Trust ETF drove Friday’s inflows with $148.8 million, while 21Shares Core Ethereum ETF added $29.1 million. In practice, such leadership changes can help investors gauge where incremental demand is showing up within the Ether ETF lineup.

Overall, the contrast between Bitcoin’s outflows and Ether’s inflows in the same calendar window underscores how different investor demand can be across the two major spot ETF ecosystems. Rather than assuming flows will always move together, traders often watch whether capital rotates between Bitcoin and Ether depending on positioning, risk appetite, and broader market sentiment.

Looking ahead, the next signals to monitor are whether Bitcoin ETF outflows persist after the Thursday-heavy withdrawal day and whether Ether’s strong Friday inflow momentum can sustain through the following week—because the month-to-date net picture remains supportive for Bitcoin while Ether’s reversal will be tested by the next few sessions’ flow consistency.

A Hong Kong man in his 70s has lost more than HK$13 million ($1.67 million) after a self-described cryptocurrency investment expert contacted him through WhatsApp and directed him to a fake trading app.

Hong Kong police said the case was among more than 40 investment scams recently reported to authorities, with victims losing a combined total exceeding HK$50 million.

The latest case began when the elderly man received an unsolicited WhatsApp message from someone claiming to be a cryptocurrency investment expert from Singapore. The person introduced him to what was presented as a crypto platform offering favorable exchange rates, low fees and withdrawals at any time.

Following the instructions he received, the man opened a cryptocurrency wallet and purchased Tether (USDT) and Ethereum (ETH). He was then told to download an investment application supplied by the scammer and transfer the cryptocurrency to designated wallet addresses as investment capital.

Fake crypto investment app showed profits before withdrawals failed

Once the funds had been transferred, the fraudulent application displayed what appeared to be continuing investment profits, according to police.

Seeing his account balance rise inside the app, the victim became less suspicious and continued sending more cryptocurrency to the wallets provided by the scammer. The fraud only became clear when he tried to withdraw his funds and was repeatedly prevented from doing so under different pretexts.

By the time the victim realized the investment platform was fraudulent, his losses had exceeded HK$13 million.

Police disclosed the case through their CyberDefender social media page while warning residents against unsolicited investment advice and promises of large profits. Authorities urged investors not to download investment applications from unknown sources and to verify platforms through official channels before transferring funds.

The case follows another incident involving a Hong Kong retiree who was targeted through a similar approach earlier this year. In March, crypto.news previously reported that a 66-year-old retired man lost HK$6.6 million across three cryptocurrency scams after fraudsters approached him while posing as investment experts.

One of the schemes began with a WhatsApp message in September 2025. The victim was directed toward cryptocurrency investments and ultimately lost his savings after transferring funds under the scammers’ instructions.

Hong Kong crypto scams have used fake platforms to build trust

Fake balances and apparent investment returns have surfaced repeatedly in crypto fraud cases in Hong Kong.

In August, a woman in the city reportedly lost around $3.3 million after an online romantic partner directed her to a fraudulent crypto platform. The platform displayed supposed returns of more than 800% before withdrawals were blocked.

Hong Kong authorities recorded 25 romance-linked investment fraud cases during the week ending July 30, with combined reported losses approaching $9 million.

A separate investigation into the Fun Coffee investment scheme has involved a larger group of victims. By Aug. 6, police had received 255 reports connected to the Fun Coffee crypto scam, with reported losses reaching approximately HK$104 million.

Participants in the scheme were instructed to download an application, register accounts and transfer cryptocurrency, primarily USDT, to designated wallet addresses. Investors were offered different deposit plans carrying advertised annual returns of roughly 197% to 278%, according to police analysis.

Some users were initially able to withdraw small amounts, which investigators said reduced suspicion and encouraged larger deposits. Withdrawals stopped after the application ceased operating on July 20, while customer service channels stopped responding.

USDT remains common in investment scam payments

USDT has frequently appeared in crypto investment fraud because victims can be instructed to buy the stablecoin before transferring it directly to wallets controlled by scammers.

A Sept. 4 analysis from the U.S. Treasury’s Financial Crimes Enforcement Network linked approximately $12.7 billion in suspicious financial activity to digital asset investment scams largely associated with overseas scam compounds.

FinCEN reviewed 33,904 Bank Secrecy Act reports filed between September 2023 and December 2025. Money services businesses, most of them cryptocurrency companies, accounted for 55% of the reports and identified $5.5 billion in suspicious activity, while banks reported another $6.4 billion.

The agency found that scammers used at least 22 digital assets. Proceeds were commonly converted into stablecoins and almost exclusively into USDT before being transferred through decentralized finance protocols or overseas exchanges.

Hong Kong authorities have meanwhile continued warning residents about fraudulent websites and applications designed to imitate legitimate financial services. In July, Hong Kong Interbank Clearing Limited identified counterfeit websites using virtual wallets and cash reward offers to obtain users’ personal and banking information.

The fraudulent sites falsely presented themselves as connected to official services and attempted to persuade users to complete purported identity verification procedures. HKICL said the websites had no connection to the clearing company.

Police, in their latest warning, told residents not to trust people presenting themselves as investment experts with supposed methods for generating large profits. Investors were advised to avoid unknown investment applications and confirm a platform’s authenticity through official sources before committing funds.

The foreign exchange market is heading into a busy week, with the Federal Reserve meeting on 15–16 September, followed by the Bank of England’s rate decision on 17 September. This sequence of central bank meetings, rather than individual macroeconomic releases, is shaping the current fundamental backdrop for the pound. Ahead of the decisions from the two major central banks, market participants are likely to remain cautious as they assess the future direction of monetary policy in the US and UK.

GBP/USD Technical Analysis

On the GBP/USD four-hour chart, a pronounced short-term downtrend developed between 21 August and 2 September, pushing the pair towards the green support level at 1.3475. From this low, the price began to recover, forming a rising wedge in which both boundaries slope upwards, although the lower boundary is rising at a faster pace. On 10 September, the price attempted to break below the wedge’s lower boundary, but the move has so far remained within the current market profile, with the price holding between its upper boundary at 1.3545 and the Point of Control (POC) at 1.3515.

If the breakout proves false and the price moves through the profile’s upper boundary, the red resistance level around 1.3570 could halt the advance. If the price does continue lower and breaks through both the POC and the profile’s lower boundary at 1.3500, market participants could turn their attention to the green support level at 1.3475. The RSI + MAs indicator shows readings of 48, 46 and 47, with all three measures sitting in the middle of the neutral zone, making it too early to confirm the breakout.

Key Takeaways

The attempted wedge breakout has yet to develop beyond the profile, while neutral RSI + MAs readings provide no clear indication of the next direction. More pronounced price action in the pair is likely to emerge as the Bank of England’s rate decision approaches.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

PayPay has added UnionPay QR payments across participating Japanese merchants while SMBC has begun deploying an OpenAI-powered interpreter to bank employees.

PayPay said in a Sept. 3 release that UnionPay App users can now pay through its merchant network using the HIVEX payment platform. Sumitomo Mitsui Banking Corporation announced its separate SMBC-Interpreter rollout on Sept. 11.

The two companies have not announced a partnership between the products. PayPay’s expansion concerns payments made by overseas visitors, while SMBC’s application handles spoken communication between bank employees and customers.

PayPay brings UnionPay QR into its merchant network

Travelers can register UnionPay cards issued in mainland China, Hong Kong or Macau within the UnionPay App. At participating PayPay merchants, they can scan or present a payment code to complete purchases through the HIVEX network.

PayPay said the service can be used for purchases such as meals, accommodations and souvenirs. Prices appear in Japanese yen at the merchant, while the customer’s application calculates the amount in their home currency.

HIVEX connects domestic merchants to overseas mobile-payment services without requiring separate technical integration for every wallet. TBCASoft, which operates the platform, said UnionPay App payments became available at HIVEX-enabled PayPay locations in early September.

TBCASoft described the service as reaching more than 500 million linked UnionPay card users. The figure represents cards linked across UnionPay’s issuing network, not confirmed users of PayPay merchants in Japan.

Merchant availability can depend on a location’s PayPay and overseas-payment settings. PayPay’s use of “nationwide” refers to supported merchants across Japan and does not establish that every business accepting PayPay can process UnionPay App payments.

UnionPay’s international page says its QR service is accepted across 44 countries and regions outside mainland China. UnionPay reports more than 1.5 million overseas merchants, though the company does not provide a Japan-specific merchant total on that page.

PayPay says overseas payment coverage reaches 17 markets

Following the UnionPay integration, PayPay said its merchants can receive payments from 36 overseas cashless services representing 17 countries and regions. The company calculated that the supported markets account for approximately 80% of international visitors to Japan.

PayPay’s 80% figure concerns the countries and regions represented by its supported payment services. It does not mean 80% of overseas visitors have used the platform or completed a payment at a PayPay merchant.

A previous company announcement from October 2025 listed 28 overseas services across 14 countries and regions. PayPay said transaction value generated by overseas cashless services during fiscal 2024 was roughly three times its fiscal 2019 level. The company did not disclose the underlying yen totals.

The latest expansion adds another option for visitors from China, Hong Kong and Macau without requiring them to download PayPay. Card registration, account controls and transaction records remain within the UnionPay App.

PayPay has said it plans to pursue more agreements with overseas payment providers. No timetable, target market list or forecast for UnionPay transaction volume accompanied the September release.

SMBC uses GPT-Live-1 for live bank translation

In a separate Sept. 11statement, SMBC said it had developed SMBC-Interpreter for employees who need to communicate in foreign languages. The bank has started introducing the application in phases.

SMBC-Interpreter listens to speech and generates a translated voice response using OpenAI’s GPT-Live-1 model. Translated text appears on the screen at the same time, allowing employees and customers to review the wording during a conversation.

The bank said the dual output can help when a spoken exchange is difficult to follow. Employees can use the displayed text to confirm information while explaining services or checking operational instructions with customers.

SMBC described the application as an internal support tool. Its announcement did not identify supported languages, participating branches or the number of employees receiving access during the initial deployment.

No accuracy rate, response-time measurement or comparison with human interpreters appeared in the release. SMBC did not say whether staff must obtain human-language support for certain contracts, disclosures or regulated procedures.

The bank said neither the original audio nor the generated translation is stored in the application or connected external services. SMBC stated that the content is not used to train AI models. The release did not identify an external audit of those controls.

The deployments follow separate digital finance programs

SMBC’s interpreter joins the bank’s other work involving AI and digital finance, but the application does not process payments or digital assets. It is designed for communication during banking services.

As crypto.news reported in related coverage, Japan’s AI and blockchain finance proposal supports tokenized deposits and yen stablecoins. The proposal named SMBC, MUFG and Mizuho among institutions working on settlement systems, though it is separate from the employee translation application.

PayPay’s UnionPay connection uses conventional card-linked mobile payments. Neither PayPay nor TBCASoft described the system as a cryptocurrency, stablecoin or blockchain product.

No verified market reaction could be tied specifically to either announcement. PayPay is owned by LY Corporation and SoftBank Group interests, while SMBC operates within Sumitomo Mitsui Financial Group. Neither parent company issued a filing that quantified expected revenue, costs or earnings from these deployments.

UnionPay QR payments are already available at participating PayPay locations. SMBC said its interpreter is entering phased use, but the bank provided no completion date or public access plan.

US spot Bitcoin exchange-traded funds (ETFs) posted $462.7 million in net outflows last week, reversing after three consecutive weeks of inflows, while Ether ETFs moved the other way with nearly $197 million in net inflows. 

According to Farside Investors, the withdrawals ran across all four trading sessions from Tuesday to Friday. The outflows followed the strongest three-week inflow run of 2026, which ended after the funds shed $166.8 million in the first two days of the holiday-shortened week.  

The selling deepened on Thursday, when US spot Bitcoin ETFs recorded net outflows of $282.7 million, their largest daily withdrawal since July. Friday’s outflow slowed to $13.2 million, but still extended the negative streak to four trading days, according to SoSoValue. 

Related: Bitcoin fails to reclaim $80K as Bessent fuels yen strength around 153 per dollar

ARK 21Shares Bitcoin ETF led weekly withdrawals with $234.2 million in net outflows, followed by Grayscale’s Bitcoin Trust ETF with $129.1 million. BlackRock’s iShares Bitcoin Trust ETF recorded $52.5 million in net outflows over the week, while Fidelity’s Wise Origin Bitcoin Fund lost $50.7 million.

Despite the weekly reversal, spot Bitcoin ETFs remain in positive flow territory for September, with about $307.3 million in net inflows through Friday. 

Ether ETFs record weekly inflows

On the flip side, US spot Ether ETFs recorded $196.9 million in net inflows over the same four-day period, according to Farside Investors. 

The Ether funds had mixed flows earlier in the week, with $24.3 million in outflows on Tuesday, $34.7 million in inflows on Wednesday and $29.9 million in outflows on Thursday. The week turned positive on Friday, when the funds drew $216.4 million in net inflows.

BlackRock’s iShares Ethereum Trust ETF led Friday’s inflows with $148.8 million, followed by 21Shares Core Ethereum ETF, which added $29.1 million.

Magazine: Metaplanet equity backlash, SE Asia crypto funding doubles: Asia Express

South Korea’s People Power Party has opposed any central bank digital currency rollout without legal safeguards covering privacy, spending controls and consumer choice.

Digital Asset reported on Sept. 14 that party leader Jang Dong-hyeok published the position on Facebook one day earlier. His statement arrived as the Bank of Korea advanced the second phase of Project Hangang, its digital-currency and tokenized-deposit testing program.

“I strongly oppose the introduction of CBDC until legal and institutional safeguards are perfectly established so that the public can feel safe,” Jang said.

The conservative People Power Party sits in opposition to President Lee Jae Myung’s Democratic Party government. Jang took control of the party in August 2025 following its defeat in that year’s presidential election.

People Power Party questions CBDC transaction controls

Jang said payment convenience and efficiency did not justify proceeding before lawmakers settled questions about privacy and individual control. He asked how far authorities could trace citizens’ transactions and whether digital money could restrict where funds are spent.

His statement raised the possibility that programmable currency could carry expiration dates or other conditions. Jang asked whether people would retain a right to choose their preferred form of money if South Korea introduced a central bank digital currency.

“While there is a view that CBDC is a new technology capable of enhancing payment convenience and efficiency, we should not rush into it solely because of its convenience,” he said.

No evidence cited in the statement showed that the Bank of Korea had proposed expiration dates for every consumer payment or sought to eliminate cash. Jang framed the questions as safeguards that policymakers should resolve before formal adoption.

The party has taken separate positions against parts of the government’s digital-asset agenda. Digital Asset reported that it opposes proposed ownership limits for major shareholders under the planned Digital Asset Basic Act and favors suspending or removing cryptocurrency taxation.

South Korea’s digital-asset legislation remains under negotiation. As crypto.news reported, lawmakers have sought to advance the Digital Asset Basic Act while regulators debate stablecoin issuers, reserve rules and supervisory authority.

Project Hangang does not give consumers central-bank accounts

Official Bank of Korea materials describe Project Hangang as infrastructure built around an institutional, or wholesale, CBDC. Financial institutions use the central-bank component, while consumers interact with deposit tokens issued by commercial banks.

A retail CBDC would normally represent a direct claim on a central bank and be available for public use. Project Hangang’s consumer-facing tokens remain claims connected to deposits at participating commercial banks.

During the first phase, users converted money from bank accounts into deposit tokens through participating banks’ mobile applications. They spent the tokens through QR-code payments at approved physical and online merchants. Seven banks participated in the initial public test: KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Industrial Bank of Korea, NongHyup Bank and Busan Bank. The trial ran from April through June 2025 and allowed up to 100,000 adults to apply.

The Bank of Korea said the pilot was not a formal introduction of digital currency. Participating banks offered the deposit tokens under South Korea’s financial regulatory sandbox. Project Hangang tested programmable public vouchers connected to youth culture, child care and support for students or small businesses. Conditions attached to such vouchers limited their use to designated purposes, following rules set for each public program.

Jang’s questions about restricted spending therefore concern capabilities that have appeared in the voucher tests. Bank of Korea documents do not say those restrictions would apply to every deposit token or conventional bank balance.

Second phase expands deposit-token transfers

The Bank of Korea formally announced Project Hangang’s second phase on March 18, 2026. The program expands participation from seven banks to nine, adding BNK Kyongnam Bank and iM Bank. Phase two includes peer-to-peer transfers, biometric authentication and automated movement between deposits and token wallets. The pilot is expected to increase the number of available wallets from 100,000 to as many as 500,000.

Public-sector uses under examination include government subsidies, electric-vehicle charging support and operational spending by government bodies. The tests are intended to assess whether programmable payments can enforce conditions set for a specific grant or voucher.

Crypto.news previously reported that South Korean authorities connected nine banks and major merchants to a 9.6 billion won program supporting deposit-token payments through existing retail infrastructure.

The Bank of Korea has kept wholesale CBDCs, deposit tokens and private stablecoins within separate policy categories. Deposit tokens represent commercial-bank liabilities recorded on infrastructure supported by tokenized central-bank reserves. Stablecoins depend on assets held by a private issuer under a different legal structure.

South Korea’s policy roadmap paired deposit-token testing with planned stablecoin rules. The central bank has argued that regulated bank consortiums should initially lead won-denominated stablecoin issuance.

Bank of Korea continues CBDC research without issuance decision

Bank of Korea Governor Shin Hyun-song backed continued work on CBDCs and deposit tokens when he began his four-year term in April. His inaugural speech placed Project Hangang and the Bank for International Settlements’ Project Agora within the central bank’s digital-payment plans.

As crypto.news reported, Shin supported expanding Project Hangang’s second phase while promising to protect payment and settlement stability. The speech did not announce a retail CBDC launch.

The central bank says it continues researching privacy technology and offline payments for a possible general-purpose CBDC. Its public materials do not set an issuance deadline or confirm that South Korean residents will receive direct accounts with the Bank of Korea. Jang compared South Korea’s direction with U.S. policy, where President Donald Trump directed federal agencies in January 2025 not to establish, issue or promote a CBDC. He said Japan had remained cautious, though the Bank of Japan continues technical experiments without deciding whether to issue a digital yen.

Project Hangang’s second phase is expected to test expanded deposit-token functions beginning in 2026. The Bank of Korea has not announced that the pilot will automatically proceed to nationwide commercial adoption when testing ends.

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.