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Home Business

Nubank Introduces Fixed 4% Annual Return for USDC Holders

16 January 2025
in Business, News, Stablecoins
Reading Time: 3 mins read
109 1
source: equipeweb.com.br

source: equipeweb.com.br

Brazilian digital banking giant Nubank has launched a new feature offering a fixed 4% annual return for users holding USD Coin (USDC), Circle’s stablecoin.

The initiative, announced on January 14, extends the rewards program to all crypto wallet users after a successful trial with a select group last year.

The program requires a minimum balance of 10 USDC in customers’ wallets to qualify, with returns credited daily and funds accessible instantly. Users can activate or deactivate the feature at their convenience through the Nubank app. 

The bank highlighted USDC’s growing popularity, stating that it now makes up 30% of crypto users’ portfolios. It also stated that  over 50% of  its new users choose USDC as their first digital asset.

Nubank is Latin America’s largest digital bank with over 85 million customers in Brazil and an additional 6 million in Mexico and Colombia and it has been steadily expanding its crypto services. In November 2024, it introduced a crypto swap tool, allowing users to exchange Bitcoin, Ethereum, Solana, and Uniswap for USDC. The new feature, integrated with “Nubank Cripto” service, simplifies crypto transactions through direct exchange.

Despite its growth in the crypto space, Nubank has faced some challenges. In September 2024, the bank halted trading of its native token, Nucoin, which was  launched in 2022 on the Polygon network. It cited the need to shield users from market volatility. Nucoin was initially introduced as part of a rewards program that provided customers with perks such as discounts and special benefits. 

Notably, Nubank’s new fixed 4% annual return for USDC holders mirrors programs like Coinbase’s USDC reward scheme. However, Coinbase users in the European Economic Area (EEA) recently faced frustration as the exchange announced the termination of the yield program.  

This exchange claimed the decision was in response to the EU’s Markets in Crypto Assets (MiCA) regulations, which prohibit offering interest on stablecoins. The change impacted users across the 30-country EEA bloc, which includes EU member states as well as Iceland, Norway, and Liechtenstein.

 

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