Nu, the digital banking giant behind Nubank in Latin America, has officially crossed into the U.S. market, rolling out deposit accounts, credit cards and international transfers for American customers. The Nu digital bank launch arrives alongside a separate global product called Nu Global, a multi-currency digital account that converts deposits into the stablecoins USDC and EURC and moves money across more than 35 countries. Together, the two launches mark the company’s clearest step yet toward building a presence outside its home markets of Brazil, Mexico and Colombia.
Key takeaways
- Nu has launched U.S. banking services — deposit accounts, credit cards and international transfers — through partner bank Lead Bank, an FDIC member.
- The U.S. Nu Account pays a variable 3.50% APY, while the no-annual-fee Mastercard credit card offers unlimited 1.5% cashback, with a 2% tier planned for qualifying customers.
- Nu Global, a separate multi-currency digital account, converts every deposit into USDC or EURC and supports transfers across more than 35 countries with no service fee.
- Nu’s own national bank charter, Nubank, N.A., has only conditional OCC approval and still needs Federal Reserve and FDIC sign-off before it can operate independently.
- Nu reported $1.06 billion in net income for the second quarter of 2026, its first quarter above $1 billion, while serving more than 140 million customers globally.
Nu Launches Operations in the U.S.
Nu is now open for business in the United States, but not as a licensed bank in its own right. Customers can register for early access to a new lineup of accounts and cards that Nu says will roll out initially online, according to the company’s own announcement and reporting from crypto.news.
Overview of U.S. Banking Services
The centerpiece of the Nu U.S. operations is a deposit account paying a variable 3.50% annual percentage yield, with interest calculated and credited daily. That rate was accurate as of September 10 and can change once an account is opened. The package also includes a debit card, a limited-edition metal card, and a Mastercard credit card with no annual fee that offers unlimited 1.5% cashback on purchases at launch. Nu has said it plans to raise that cashback rate to 2% for customers who meet certain conditions, though the full eligibility terms and timing haven’t been disclosed.
There’s an added incentive tied to loyalty: qualifying customers who hold both the Nu Account and the credit card, and who complete at least three eligible card transactions within the previous 34 days, will eventually be able to earn 4.50% APY on savings balances up to $10,000. Balances above that threshold continue earning the standard rate. The account also supports domestic and international transfers, starting with corridors to Brazil, Mexico and Colombia, with more destinations expected to follow.
Partnership with Lead Bank
Because Nu doesn’t yet hold its own U.S. banking license, the American rollout runs through Lead Bank, a Federal Deposit Insurance Corporation member. Banking services and the Nu Credit Card are provided by Lead Bank under the disclosures tied to the launch, meaning customer deposits in the Nu Account sit with Lead Bank rather than with Nu directly.
Nubank, N.A. Charter Still Pending
Nu applied to form a nationally chartered bank, Nubank, N.A., in September 2025. The Office of the Comptroller of the Currency gave conditional approval on January 29, letting the company move into the bank-organization phase — but that approval doesn’t authorize Nubank, N.A. to operate independently. Nu still needs to satisfy the OCC’s conditions and win separate approvals from the Federal Reserve and the FDIC.
Back in January, Nu said it needed to capitalize the proposed bank within 12 months and open it within 18 months. U.S. chief executive Cristina Junqueira told Reuters she expects the bank to start operating in 2027. After finalization, Nubank, N.A. would be authorized to provide deposit accounts, credit cards, lending, and digital asset custody within a federal banking framework. In the meantime, U.S. customers receive regulated products via Lead Bank.
Nu founder and chief executive David Vélez described the move as the start of a “multi-decade journey” outside Latin America. Junqueira added that even capturing a modest slice of the U.S. market “will be transformative for our business” — though Nu hasn’t published specific customer, deposit or revenue targets for the new market.
Introduction of Nu Global Multi-Currency Digital Account
Running parallel to the U.S. rollout, Nu Global gives customers a way to hold, transfer and spend money across borders without juggling multiple bank accounts. It’s a distinct product from the U.S. Nu Account and isn’t tied to Lead Bank’s FDIC coverage.
Stablecoin Integration with USDC and EURC
Every deposit into a Nu Global account gets converted into either USDC, a dollar-pegged stablecoin, or EURC, a euro-pegged stablecoin, both issued by Circle. Nu advertises a variable daily yield equivalent to 3.50% APY on USDC balances and 2.20% on EURC balances, though the company hasn’t detailed how that yield is generated, which entity holds the underlying stablecoins, or whether balances carry deposit insurance. That distinction matters: stablecoins track a reference currency but aren’t the same thing as an insured bank deposit, which is why Nu Global sits apart from the FDIC-backed Nu Account in the U.S.
Circle itself confirmed the integration, describing Nu as “one of the world’s largest digital financial platforms with more than 140M customers” now building Circle’s stablecoins into its new multi-currency account. Customers get a virtual Mastercard for spending their balances, with Nu promising competitive foreign exchange rates without markups. The product also allows customers to hold and trade select digital assets, including Bitcoin and Ethereum, though Nu hasn’t published a full token list, custody arrangement or fee schedule for those trades.
Cross-Border Transfers Across More Than 35 Countries
Nu Global’s reach spans more than 35 countries at launch, with transfers between supported markets carrying no service fee. According to a market list reported by Folha de S.Paulo, the initial Latin American rollout encompasses Argentina, Chile, Costa Rica, El Salvador, Honduras, Paraguay, Peru and Uruguay. Meanwhile, Europe’s coverage extends to Germany, France, Italy, Spain, Portugal, Ireland, Switzerland, Sweden, along with over 20 additional jurisdictions.
Notably, Nu’s core markets — Brazil, Mexico, Colombia and now the U.S. — aren’t part of the initial Nu Global footprint. Integrations connecting those businesses to the new stablecoin-based account are planned for the coming months, though Nu hasn’t given exact launch dates.
Why the Timing Matters
The multi-currency digital account launch lands right after Nu’s strongest quarter yet. For the second quarter of 2026, the company posted net income of $1.06 billion — its first time surpassing the $1 billion mark — representing a 49% year-over-year increase on a currency-neutral basis, which topped the $967.2 million estimate from Visible Alpha cited by Reuters. Revenue for the quarter reached $5.88 billion, up 39%, also topping the $5.60 billion forecast. Its risk-adjusted net interest margin climbed to 12.4%, from 9.9% a year prior.
Those numbers give Nu financial cover to push into unfamiliar territory. The company says it now serves more than 140 million customers across Brazil, Mexico and Colombia, with Brazil alone accounting for more than 60% of the adult population there. In Mexico, Nu describes itself as the largest digital bank, while its Colombian business ranks fourth among the country’s financial institutions by deposits, according to the company’s own market classification. Nu shares gained as much as 1.6% in U.S. trading following the announcement, Reuters reported, though that move reflects the market’s immediate reaction rather than any measure of how the U.S. business will actually perform.
Combining a stablecoin-powered global account with a conventional U.S. banking entry point is an unusual dual strategy. It lets Nu test cross-border, crypto-adjacent infrastructure in markets where regulation is friendlier, while it waits out a slower, more conventional chartering process at home in the U.S. Whether American consumers embrace a stablecoin-backed account tied to a foreign fintech — one still operating under a pending charter — is the open question that will shape how far this expansion actually goes.
FAQ
What services does Nu offer in the U.S.?
Nu offers deposit accounts, credit cards, and international transfers in the U.S. through partner bank Lead Bank.
What is Nu Global and how does it work?
Nu Global is a multi-currency digital account that converts deposits into stablecoins USDC or EURC and supports transfers across more than 35 countries.
Which stablecoins are used by Nu Global for deposits?
Nu Global converts deposits into the stablecoins USDC (USD Coin) and EURC (Euro Coin).
How extensive is Nu Global’s international transfer capability?
Nu Global supports transfers across more than 35 countries, enabling cross-border payments.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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