Nubank's Nu Expands into US with Stablecoin-Backed Banking

Nubank's holding company Nu has expanded into the United States, offering its customers access to USDC and EURC stablecoins for the first time. The company launched a US banking suite alongside Nu Global, a multi-currency account that converts customer deposits into these stablecoins.

Nu Global offers a daily yield of 3.50% APY on USDC and 2.20% APY on EURC, allowing customers to earn interest on their balances. The account also comes with a virtual Mastercard card and enables users to send and receive money across over 35 countries.

The launch marks Nu's entry into the US market, where it will compete with established banks. According to BCG data, US consumers pay approximately $82 billion in bank fees each year.