Latin America's largest digital bank, Nubank, is preparing to integrate U.S. dollar-pegged stablecoins into its credit card infrastructure, with plans to begin testing later this year. The initiative is being led by vice-chairman Roberto Campos Neto, former governor of Brazil's central bank, who revealed the plans during the Meridian 2025 event.
The pilot program will allow customers to settle credit card transactions using stablecoins, marking a significant step in bridging traditional banking with digital assets. Campos Neto emphasized that blockchain technology could enable banks to accept tokenized deposits and conduct credit operations on top of them, addressing what he called "the first problem cited by all central banks" regarding digital asset growth without credit disintermediation.
The move comes amid explosive stablecoin adoption across Latin America, where consumers increasingly use dollar-pegged tokens as a hedge against local currency devaluation and economic uncertainty. In Brazil, stablecoins account for approximately 90% of all crypto transactions, according to central bank officials. Argentina has seen similar trends, with USDt comprising 50% of crypto purchases and USDC capturing another 22% in 2024, according to exchange Bitso.
Nubank, which serves over 100 million customers across Brazil, Mexico, and Colombia, has been expanding its digital asset offerings since 2022 when it first introduced crypto trading. The bank previously allocated 1% of its net assets to Bitcoin and has steadily added support for other cryptocurrencies including Cardano (ADA), Cosmos (ATOM), Near Protocol (NEAR), and Algorand (ALGO). Earlier this year, Nubank began offering 4% annual returns on USDC holdings, becoming one of the first major banks in the region to integrate stablecoin yields into everyday banking apps.
The stablecoin credit card initiative positions Nubank at the forefront of financial innovation in a region where inflation has reached extreme levels—surpassing 100% in Argentina and 229% in Venezuela in recent years. In Venezuela, stablecoins like USDt have reportedly overtaken the bolívar for daily commerce, from groceries to salaries.