TLDR
- Nubank, Latin America’s largest digital bank with 91+ million customers, launches 4% annual return program for USDC holders across all crypto wallet users
- Users need to maintain at least 10 USDC balance to be eligible, with daily rewards and instant access to funds
- USDC represents 30% of Nubank crypto users’ portfolios, with over 50% of new users choosing it as their first digital asset
- The bank introduced a crypto swap tool in November 2024 for trading Bitcoin, Ethereum, Solana, or Uniswap to USDC
- Nubank previously suspended its Nucoin token trading in September 2024 due to market volatility concerns
Latin America’s largest digital bank, Nubank, has launched a new rewards program offering a 4% annual return for customers who hold USD Coin (USDC) in their crypto wallets. The program, which went live on January 14, 2025, is now available to all crypto wallet users across the bank’s operations in Brazil, Mexico, and Colombia.
The rollout follows a successful testing phase with a select group of users last year. Nubank, which serves more than 85 million customers in Brazil and an additional 6 million customers across Mexico and Colombia, has set a minimum requirement of 10 USDC for program participation.
Under the new program’s structure, rewards are calculated and credited to user accounts daily. The bank has emphasized that participants maintain complete access to their funds, with no lock-up periods or withdrawal restrictions. Users can enable or disable the rewards feature through their Nubank mobile application at any time.
The choice of USDC as the cornerstone of this rewards program aligns with current user behavior. According to Nubank’s data, USDC currently makes up 30% of their crypto users’ portfolios. The stablecoin has proven particularly popular among newcomers to the platform, with over half of new Nubank Crypto users selecting USDC as their first digital asset.
The rewards program launch follows Nubank’s November 2024 introduction of a crypto swap tool. This feature enables users to exchange various cryptocurrencies, including Bitcoin, Ethereum, Solana, and Uniswap, directly for USDC within the platform.
The bank’s expansion into crypto services has seen both successes and setbacks. In September 2024, Nubank suspended trading of its own token, Nucoin, which had been launched in late 2022 on the Polygon network. The bank cited concerns about market volatility as the reason for the suspension.
This latest USDC rewards program represents a strategic move in Nubank’s digital asset offerings. The daily reward structure provides users with regular returns on their stablecoin holdings, potentially offering an alternative to traditional savings products.
The program’s design emphasizes accessibility and flexibility. The 10 USDC minimum balance requirement keeps the entry barrier relatively low, while the instant access feature addresses common concerns about cryptocurrency liquidity.
Nubank’s implementation of the rewards program comes at a time when stablecoins are gaining increased attention in Latin American markets. USDC, being pegged to the US dollar, offers users in countries with volatile local currencies a way to maintain dollar exposure while earning returns.
The bank’s mobile app serves as the primary interface for the program, allowing users to monitor their rewards accumulation and manage their participation status. This integration into the existing app infrastructure aims to streamline the user experience.
For new users, the program provides a straightforward entry point into the crypto ecosystem. The fixed return rate and use of a stablecoin reduce some of the complexity and volatility typically associated with cryptocurrency investments.
The rewards are calculated based on the daily USDC balance in eligible accounts. Users can track their earnings through the app’s dashboard, which displays both accumulated rewards and current balance information.
Customer funds in the program remain fully accessible, with no technical restrictions on withdrawals or transfers. This feature distinguishes the program from some traditional financial products that might require notice periods for withdrawals.
The program’s rollout across all three of Nubank’s operating countries – Brazil, Mexico, and Colombia – makes it one of the largest stablecoin rewards initiatives in Latin America by user reach.
Technical implementation of the program includes automated daily rewards calculations and distributions, with all transactions recorded on users’ account statements for transparency and record-keeping.
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