The Brazilian digital bank Nubank introduces a 4% yearly return on U.S. Dollar Coin (USDC) savings, extending this benefit to all cryptocurrency wallet account holders.
In simple terms, the leading digital bank across Latin America, serving over 85 million customers in Brazil and approximately 6 million customers between Mexico and Colombia, has recently introduced a fixed annual return of 4% for users who hold Circle’s stablecoin, USDC. Nubank has broadened its rewards program to encompass all of its users following successful testing with a small group last year, as stated in a blog post published on January 14th.
In order to qualify, customers must ensure they always have at least 10 US Dollars Coin (USDC) in their digital wallets. The system awards daily returns, and funds can be withdrawn immediately as per the announcement. Through the Nubank app, users have the flexibility to turn this feature on or off whenever they wish.
The Brazilian fintech bank explains that the decision to use USDC wasn’t made randomly, as it now represents approximately 30% of crypto users’ investment portfolios. Furthermore, the bank stated that over half of Nubank Crypto’s new users selected USDC as their initial digital asset.
As an analyst in the year 2024, I found myself excited about a new development by Nubank – the introduction of a crypto swap tool in November. This innovative feature empowered users like me to engage in trading activities, swapping assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), or Uniswap (UNI) for USDC at our fingertips.
Nubank has been striving to expand its cryptocurrency services, but not every initiative has run flawlessly. For example, in September 2024, the bank abruptly halted trading for its Nucoin token, citing concerns about shielding users from unpredictable market fluctuations. The bank introduced Nucoin towards the end of 2022 on the Polygon network as part of a rewards system that offered benefits such as discounts.
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2025-01-15 10:15