Latin America’s Nubank launches 4% annual USDC rewards for stablecoin holders

Brazilian neobank Nubank offers a fixed annual return of 4% for USDC holders, making this feature available to all crypto wallet users.

Latin America’s largest digital bank, with more than 85 million customers in Brazil and more than 6 million between Mexico and Colombia, now offers a fixed annual return of 4% to users who hold 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 must have a minimum balance of 10 USDC in their crypto wallet. The announcement states that refunds will be credited daily and funds will be accessible instantly. Users can enable or disable the feature at any time via the Nubank app.

The Brazilian fintech bank says USDC was not chosen by chance because it currently accounts for 30% of crypto users’ portfolios. The bank also added that “more than 50% of new Nubank Crypto users choose USDC as their first digital asset.”

In November 2024, Nubank introduced a crypto exchange. This 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, but not all efforts have gone smoothly. For example, in September 2024, the bank abruptly stopped trading Nucoin tokens, saying it wanted to protect users from market fluctuations. The bank launched Nucoin on the Polygon network in late 2022 as part of a rewards program that offers benefits such as discounts.