Nubank Opens Access to USDC Rewards Program
Nubank, one of the biggest companies in Latin America and the largest neobank in the region, has recently announced a new milestone, opening access to a dollar stablecoin-based savings option in its platform.
The company opened access to its USDC-based rewards program to its entire customer base, allowing all interested users to benefit from holding USDC in their wallets. According to a press release, the expansion was decided after a successful pilot program conducted last year involving a small number of users.
Read more: Warren Buffett-Backed Nubank Collaborates With Circle and Talos to Increase Crypto Access in Brazil
The program will be opt-in, with users wishing to participate having to enable this feature in the Nubank crypto wallet. Customers can enroll in and out of this functionality to obtain a fixed rate of 4% APY.
The only requirement is to hold at least 10 USDC in the participating wallet. Funds don’t have to be locked, and the yield returns are credited daily, with liquidity being available instantly.
While the APY offered is significantly lower than the savings interest rate of Brazilian banks, this might be an alternative to users exiting the real to the U.S. dollar due to the high devaluation recently suffered by the former.
USDC was already one of the more used coins in the platform since Nubank listed it in 2023. The neobank revealed that the number of USDC held by Nubank customers grew tenfold and now accounts for 30% of all the funds of customers holding it in their portfolios. Furthermore, over half of all the users of its crypto services chose USDC as their first cryptocurrency asset.
The move underscores Nubank’s and Circle’s mission of providing access to inflation-resistant instruments, such as U.S. dollar proxies, for economies with high-devaluation episodes.
The Brazilian real was one of 2024’s worst-performing currencies, losing over a fifth of its value against the greenback.
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