Brazilian neobank Nubank has launched a fixed 4% annual return for USDC holders, making the feature available to all crypto wallet users.
The largest digital bank in Latin America, with more than 85 million customers in Brazil and 6 million between Mexico and Colombia, is now offering a fixed 4% annual return for users holding Circle’s stablecoin USD Coin (USDC). Nubank expanded its rewards program to all users after testing it with a small group last year, the neobank said in a Jan. 14 blog announcement.
To be eligible, customers need to maintain a minimum balance of 10 USDC in their crypto wallets. Returns are credited daily, and funds can be accessed instantly, the announcement reads. Users can activate or deactivate the feature anytime through the Nubank app.
The Brazilian fintech bank says USDC wasn’t chosen by chance as it now accounts for 30% of crypto users’ portfolios. The bank also added that “more than 50% of new Nubank Crypto users chose USDC as their first digital asset.”
In November 2024, Nubank introduced a crypto swap tool. The feature allowed users to trade Bitcoin (BTC), Ethereum (ETH), Solana (SOL), or Uniswap (UNI) for USDC.
Nubank has been working to grow its crypto offerings, though not all efforts have gone smoothly. For instance, in September 2024, the bank suddenly stopped trading its Nucoin token, saying it wanted to protect users from market volatility. The bank launched Nucoin in late 2022 on the Polygon network as part of a rewards program offering perks like discounts.
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