Nu Launches U.S. Banking, Unveils USDC Global Account to Expand Beyond Latin
Nu, Latin America’s largest digital bank, launched its U.S. banking operations on September 10, 2026, introducing a new multi-currency digital account. S. banking operations and introduced a new “Nu Global” multi-currency digital account on September 10, 2026. This significant move marks the company’s entry into the competitive American financial market, leveraging partnerships to offer both traditional and crypto-focused services.
The dual launch includes U.S. deposit accounts and credit cards, provided through Lead Bank, alongside a global account that facilitates conversions into USD Coin (USDC) and Euro Coin (EURC) stablecoins. This strategic expansion signals Nu’s ambition to replicate its considerable Latin American success in the United States.
Nu Targets U.S. Market with Lead Bank Partnership
Nu’s new U.S. operation offers an attractive 3.50% annual percentage yield (APY) on available dollar balances within its deposit accounts. Interest is calculated and credited daily, giving customers immediate access to funds held in designated savings goals.
Customers will also receive a limited-edition metal debit card. For credit, Nu’s Mastercard World Elite credit card comes with no annual fee and an initial 1.5% unlimited cashback, with potential to increase to 2% for those meeting undisclosed conditions.
Domestic transfers are fee-free, and international transfers will initially serve Brazil, Mexico, and Colombia. While Nu plans to add more countries, a full expansion schedule remains unannounced.
Securing U.S. Operations Through Lead Bank
Nu, recognized as a financial technology company, is not directly operating as a bank in the U.S. market yet. Instead, it relies on Lead Bank, a Missouri state-chartered, FDIC-insured institution, to provide the underlying regulated banking and card services.
This partnership ensures U.S. customer deposits are held by Lead Bank and receive Federal Deposit Insurance Corporation (FDIC) insurance, subject to applicable legal limits. Cristina Junqueira, co-founder and CEO of Nu’s U.S. operation, expressed confidence that even a small share of the U.S. market would be transformative for the business.
Nu Global Forges Stablecoin Pathway for Cross-Border Finance
Operating distinctly from its Lead Bank-backed U.S. offerings, Nu Global facilitates cross-border transactions by converting customer deposits into stablecoins. These include Circle-issued USDC and EURC.
The Nu Global account advertises a 3.50% APY on USDC balances and 2.20% on EURC balances, both accruing daily. While these rates are attractive, the company has not committed to maintaining them for any fixed duration.
The service also provides a virtual Mastercard for global purchases, promising competitive exchange rates without additional foreign-exchange markups. Initial transfer corridors focus on Europe and Latin America, with connections to Nu’s existing systems in Brazil, Colombia, Mexico, and the U.S. planned for later.
Beyond stablecoins, customers can hold and trade digital assets, including Bitcoin and Ethereum, directly through the same app. However, Nu has not yet disclosed a complete list of supported assets, blockchain networks, or withdrawal conditions.
Stablecoin Yields and Regulatory Compliance
Nu Global AG, the entity behind the stablecoin service, operates under a Swiss regulatory framework. It is a member of VQF, a self-regulatory organization recognized by the Swiss Financial Market Supervisory Authority.
This arrangement provides customer balances with a Swiss bank default guarantee, differing from FDIC insurance, though the guaranteeing bank, coverage amount, and claim calculation for stablecoin value changes remain unspecified. Nu has also not identified the source of its advertised USDC and EURC yields, whether from issuer rewards, reserve income, lending, or other means, nor has it described its product as a decentralized finance strategy.
Navigating U.S. Banking Charter Approval
While Nu has commenced U.S. operations through its partnership with Lead Bank, its pursuit of a national bank charter continues. Nu applied to establish Nubank, National Association, on September 30, 2025, receiving preliminary conditional approval from the Office of the Comptroller of the Currency (OCC) on January 29, 2026.
This conditional approval allows Nu to proceed with organizing the proposed bank but does not grant immediate operating authority. To gain final authorization, Nubank, N.A. must satisfy the OCC’s preopening conditions, secure deposit insurance from the Federal Deposit Insurance Corporation (FDIC), and apply for stock in a Federal Reserve Bank.
These regulatory steps indicate that the full authorization process could extend into 2027. Until then, Nu’s U.S. customers receive services from Lead Bank, highlighting the intricate regulatory landscape faced by fintechs entering the American market.
Latin American Growth Propels Global Ambitions
Nu’s entry into the U.S. market is built upon a foundation of substantial success in Latin America. The company boasts more than 140 million customers across its existing markets in Brazil, Mexico, and Colombia.
In Brazil, Nu serves over 60% of the adult population and is recognized as Mexico’s largest digital bank. In Colombia, it ranks as the fourth-largest financial institution by deposits, according to the company’s corporate announcements.
Nu Holdings, the parent company, has been traded on the New York Stock Exchange since 2021, demonstrating its established financial presence. Its latest reported quarter saw net income exceed $1 billion and return on equity surpass 32%.
This expansion into the U.S. also follows Nu’s previous foray into digital assets within Latin America. By March 2026, its Brazilian crypto platform served over 7 million customers, having already introduced staking-based rewards for Solana and its own blockchain-based customer rewards asset, Nucoin.
The U.S. and Nu Global offerings will roll out in stages. Early U.S. applicants may receive limited-edition metal Mastercard cards, with enhanced cashback and higher savings yields, like a 4.50% APY savings goal capped at $10,000, scheduled for later releases. Nu has not provided firm public dates for these advanced features or detailed customer and revenue targets for its new U.S. ventures.