Latin America’s leading neobank launches a rewards program for USDC holders

What’s new? Latin America’s leading digital bank, Nubank, has launched a rewards program for holders of USDC stablecoins from issuer Circle in Nubank Crypto accounts. According to a press release, users are offered daily income and a fixed rate of 4% APR with a minimum balance of 10 USDC.

Press release

What else is known? The bank decided to launch the full-scale initiative after a successful pilot program that tested variable rates of return on a small group of users over the past year.

To start earning rewards, customers must log into their crypto wallet in the Nubank app and click the “I want to participate” button. The program can be connected and disconnected at will at any time. Interest will accrue automatically every day, and liquidity is provided instantly.

The number of Nubank customers holding USDC has increased 10 times in 2024, with 30% of customers holding the asset in their portfolios to date. 50% of new users of Nubank’s crypto platform chose USDC as their first digital asset.

In November, Nubank launched an in-app cryptocurrency exchange tool. It allows exchanging of bitcoin, Ethereum, Solana, or Uniswap for USDC (and vice versa) with a reduced fee.

Customers can also utilize price alerts for different cryptocurrencies. For USDC, you can track fluctuations of 0,5, 1,5, and 2% in the US dollar against the Brazilian real, while for other cryptocurrencies alerts are triggered when there are fluctuations of 3, 6, and 9%.

Brazil’s Nubank allows cryptocurrencies in transactions in addition to traditional banking functions and offers crypto-investment products such as bitcoin exchange-traded fund (ETF) shares.

Warren Buffett’s Berkshire Hathaway, known for its negative attitude toward bitcoin, bought $1,5 billion worth of Nubank shares between 2021 and 2022. The security of the bank’s customers’ wallets is provided by institutional custodian Fireblocks, which also partners with BNY Mellon, BNP Paribas, and Revolut.

In October 2022, the bank issued its own Nucoin token on the Polygon blockchain to pay out rewards to 70 million customers, but it suspended trading in the asset in September 2024 as its value had collapsed nearly 100% by then.

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USDC, created by fintech company Circle and backed by leading US exchange Coinbase, is the second-largest stablecoin after Tether’s USDT and ranks eighth in the overall cryptocurrency ranking with a capitalization of $45,74 billion.