Nu Holdings Begins US Operations and Launches Nu Global Stablecoin Account

Nu Holdings, the parent company of Nubank and the largest digital bank in Latin America, has taken its most ambitious step yet by entering the United States market. On September 10, 2026, the company announced the start of US operations and introduced Nu Global, a multi-currency digital account that converts customer deposits into Circle's USDC and EURC stablecoins. The launch marks the first time Nu has offered its full suite of financial products outside its home region, where it serves more than 140 million customers across Brazil, Mexico and Colombia.

The move is the culmination of a journey that began thirteen years ago in São Paulo, according to founder and CEO David Vélez. In a statement, Vélez called the US expansion "the next chapter" of the business and described it as "the first milestone of a multi-decade journey of positioning Nu as the leading digital bank in the world." Cristina Junqueira, co-founder and CEO of Nu US, said that capturing even a small share of the US market "will be transformative." Junqueira relocated to the United States to lead the push personally, and Nu holds naming rights to Inter Miami's new Nu Stadium at Miami Freedom Park, announced in March 2026.

The US retail banking market is enormous. Nu cited Boston Consulting Group data showing that US retail banking revenues reached about $1.2 trillion and are expected to approach $1.4 trillion by 2029. Meanwhile, EY estimated that banks charge consumers $82 billion in fees annually. Nu is betting that its low-fee, digital-first model, combined with stablecoin settlement, can undercut incumbents. Remittances from the United States to Latin America run into the tens of billions of dollars every year, and traditional providers charge fees that Nu aims to eliminate for its customers.

Nu Global is not a traditional bank account. It automatically converts deposits into digital dollars (USDC) or digital euros (EURC), stablecoins pegged to the US dollar and euro respectively. The account offers fee-free transfers across more than 35 countries, with initial priority across Latin America, the United States and Europe. It also provides a virtual Mastercard with no foreign exchange markup fees, and customers can hold and trade Bitcoin and Ethereum.

Key Facts

Nu Holdings Newsroom announced on September 10, 2026, that the Nu Account in the US offers a yield of 3.50% APY on every dollar, with interest calculated and paid daily. Deposits are held at partner FDIC-insured Lead Bank. The account includes a limited-edition metal debit card, savings goals, and local and international transfers in minutes with no fees, starting with Brazil, Mexico and Colombia. Customers can later grow their yield to 4.50% APY on a savings goal of up to $10,000 by pairing the account with the Nu Credit Card and making qualifying transactions.

The Nu Credit Card, issued through Mastercard, has no annual fees and offers unlimited 1.5% cashback, which can be boosted to 2% for qualifying customers. Crypto.news reported on September 11, 2026, that eligible customers may eventually earn 4.50% APY on savings balances up to $10,000 by holding the Nu Account and credit card and completing at least three eligible card transactions within the previous 34 days. Balances above $10,000 earn the standard rate. The card is a metal World Elite Mastercard.

Nu Global converts every deposit into USDC or EURC, advertising a variable daily yield equal to 3.50% APY for USDC and 2.20% APY for EURC. CoinAlertNews reported on September 11, 2026, that the product is Nu's largest blockchain infrastructure integration to date. The account supports instant, fee-free cross-border transfers to more than 35 countries, with planned integrations for Brazil, Mexico, Colombia and the United States in the coming months. Customers can also custody and trade assets including Bitcoin, Ethereum and Solana.

The Rio Times reported on September 11, 2026, that Nu applied to the Office of the Comptroller of the Currency on September 30, 2025, for a de novo national bank charter. On January 29, 2026, the OCC granted preliminary conditional approval to Nubank, National Association, with its main office in McLean, Virginia. Nu must still satisfy OCC conditions and secure FDIC deposit insurance and a Federal Reserve account before Nubank, N.A. can operate as a full national bank. In the meantime, Nu is entering the US through a partner-bank structure with Lead Bank.

Nu serves 139 million customers at the end of June 2026, including 118 million in Brazil, 16 million in Mexico and more than 5 million in Colombia. The company reported $1.06 billion in net income for the second quarter of 2026, up 49% currency-neutral, on revenue of $5.88 billion, up 39%. It carries a market value of about $74 billion and announced a $1 billion share repurchase program in June. Nu is profitable in all three of its home markets.

Analysis

What this really means is that Nu Holdings is attempting to leapfrog the traditional US banking model by using stablecoins as the settlement layer for cross-border payments. Instead of building a costly physical branch network or relying solely on legacy correspondent banking, Nu converts deposits into USDC and EURC, which can move across borders instantly and at near-zero cost. This directly attacks the remittance and foreign exchange fees that incumbents have long charged. The company's scale, with more than 140 million customers and quarterly net income above $1 billion, gives it the resources to absorb initial losses while it builds US market share. Reuters reported on September 10, 2026, that Nu unveiled Nu Global at an event in Miami, where Vélez and Junqueira presented the product.

However, significant regulatory and operational questions remain. Crypto.news reported on September 11, 2026, that Nu has not disclosed how the yield on USDC and EURC is generated, which legal entity holds the stablecoins, or whether those balances receive deposit insurance. Stablecoins are not insured bank deposits. This lack of transparency could become a liability if regulators or customers demand clarity. Furthermore, Nu's national bank charter is still conditional. The OCC granted approval on January 29, 2026, but the Federal Reserve and FDIC approvals remain pending. Until those are secured, Nu operates as a partner-bank arrangement, which limits its ability to offer fully integrated banking services.

The competitive landscape is also formidable. US retail banking is dominated by large incumbents with deep pockets and established customer relationships. Yet Nu has a track record of disrupting markets where fees are high and service is poor. Its Brazilian operation grew from a single credit card product to a full-service bank with more than 100 million customers. If Nu can replicate even a fraction of that success in the United States, it could force incumbents to lower fees and accelerate their own digital transformations. Cristina Junqueira told Reuters that she expects Nu's national bank to begin operating in 2027, which suggests the company is playing a long game.

The bigger picture here is that stablecoins are moving from the periphery of crypto into mainstream finance. By integrating Circle's USDC and EURC into a consumer-facing account with a virtual Mastercard, Nu is normalizing the use of digital dollars and digital euros for everyday payments and transfers. This could accelerate the adoption of stablecoins by other fintechs and traditional banks. It also positions Circle as a key infrastructure provider for cross-border payments, competing with established networks like SWIFT and card networks. Nu's move is a validation of the stablecoin model at a scale that few other companies can match.

Why It Matters

Nu's US launch matters because it signals that Latin American fintechs are no longer content to stay in their home markets. Nu is valued at about $74 billion and has a proven ability to grow profitably. Its entry into the US could pressure incumbent banks to reduce fees, particularly on remittances and foreign exchange. With remittances from the US to Latin America running into the tens of billions of dollars annually, even a small market share for Nu could translate into significant revenue. The company's fee-free transfers across more than 35 countries are a direct challenge to the status quo.

For the broader fintech and crypto industries, Nu's embrace of stablecoins is a major endorsement. Circle's USDC and EURC are now embedded in a mainstream banking product used by millions of potential customers. This could encourage other digital banks to adopt similar models, increasing the circulation and utility of stablecoins. It also raises important questions about consumer protection, since stablecoin balances are not FDIC-insured. Regulators will be watching closely to see how Nu handles disclosures and risk management.

Nu's timing is also notable. The company received conditional OCC approval in January 2026 and is now launching US operations in September 2026, just eight months later. This speed demonstrates Nu's ambition and its willingness to operate under a partner-bank model while awaiting full approvals. If the FDIC and Federal Reserve grant the remaining approvals, Nu could become a fully chartered national bank by 2027, giving it even more flexibility to compete.

Next Up

In the coming months, Nu plans to integrate Nu Global with Brazil, Mexico, Colombia and the United States. The company will continue to operate through Lead Bank while it works to satisfy the OCC's conditions and secure FDIC deposit insurance and a Federal Reserve account for Nubank, N.A. Cristina Junqueira told Reuters that she expects the bank to begin operating in 2027. Nu has also announced a $1 billion share repurchase program and reported strong second-quarter results, which should provide ample capital for its US expansion.

Investors and regulators will focus on several milestones: the disclosure of how Nu generates yield on stablecoin balances, the legal entity that holds those stablecoins, and whether US customers will receive any deposit insurance on Nu Global balances. If Nu can resolve these questions and obtain full regulatory approval, it could become a formidable competitor in the US market. For now, the launch of Nu Global marks the beginning of a multi-decade journey that Vélez has described as positioning Nu as the leading digital bank in the world.