Nu Holdings, the Brazilian fintech giant behind Nubank, launched its long-awaited United States retail offering on Sept. 10, rolling out deposit accounts, debit and credit cards and international transfers through partner Lead Bank while its own national bank charter remains stuck at the conditional approval stage. In parallel, the company introduced Nu Global, a stablecoin-based account that converts customer deposits into USDC or EURC and serves more than 35 countries.
The NYSE-listed company said customers could register immediately for early access to the products. The structure matters: because Nu is not yet a bank in the United States, banking services and the Nu Credit Card are provided by Lead Bank, a member of the Federal Deposit Insurance Corporation, according to disclosures accompanying the launch.
What the US account actually offers
The US Nu Account pays a variable 3.50% annual percentage yield on every available dollar, with interest calculated and credited daily, according to the disclosures. The advertised rate was accurate as of Sept. 10 and may change after an account opens.
The package includes a limited-edition metal debit card plus, through a Mastercard relationship, a metal World Elite credit card with no annual fee and unlimited 1.5% cashback on purchases. Nu said it plans to raise the cashback rate to 2% for customers who meet qualifying conditions, though it has not disclosed the complete eligibility terms or a date for the higher rate.
Eligible customers will eventually be able to earn 4.50% APY on savings balances up to 10,000 USD. To qualify, a customer must hold both the Nu Account and the credit card, then complete at least three eligible card transactions within the previous 34 days. Balances above the threshold would continue earning the standard rate.
The account supports domestic transfers and international transfers beginning with Brazil, Mexico and Colombia, with more destinations promised.
Nu Global runs on Circle stablecoins
The separate international product, Nu Global, gives customers a digital account for holding, transferring and spending funds across more than 35 countries. Every deposit is converted into either USDC, a dollar-pegged stablecoin, or EURC, a euro-pegged stablecoin — both issued by Circle, which publicized the integration on Sept. 10.
Nu advertises a variable daily yield equivalent to 3.50% APY for USDC balances and 2.20% for EURC. The announcement does not identify how the yield is generated, which legal entity holds the stablecoins or whether the balances receive deposit insurance — an important distinction, since stablecoins are not the same as insured bank deposits and Nu Global should not be confused with the Lead Bank-provided US account.
Customers get a virtual Mastercard for spending balances, with transfers between supported countries carrying no service fee. The first wave of markets covers much of the European Union — Germany, France, Italy, Spain, Portugal, Ireland, Switzerland and Sweden among more than 20 jurisdictions — plus Argentina, Chile, Costa Rica, El Salvador, Honduras, Paraguay, Peru and Uruguay, according to a market list reported by Folha de S.Paulo. The product also permits holding and trading selected digital assets including Bitcoin and Ethereum, though Nu has not published a full token list, custody arrangement or fee schedule.
Charter still conditional, Fed and FDIC approvals pending
Nu applied to form Nubank, N.A. in September 2025. The Office of the Comptroller of the Currency granted conditional approval on Jan. 29, 2026, allowing the company to enter the bank-organization phase — but that approval does not authorize independent banking operations. Nu must still satisfy the OCC’s conditions and secure approvals from the Federal Reserve and the FDIC.
The company said in January it needed to capitalize the proposed institution within 12 months and open the bank within 18 months. US chief executive Cristina Junqueira told Reuters she expects the bank to begin operating in 2027. A completed charter would let Nubank, N.A. offer deposit accounts, credit cards, lending and digital asset custody under a federal banking structure.
Founder and chief executive David Vélez described the launch as the beginning of a multi-decade journey outside Latin America. Junqueira said capturing even a small portion of the US market will be transformative for the business, while noting Nu has not published customer, deposit or revenue targets for the new operation.
Launch follows first 1 billion USD quarter
The US expansion lands on the heels of Nu’s strongest quarter to date. The company reported 1.06 billion USD in net income for the second quarter of 2026, crossing 1 billion USD for the first time — a 49% increase from the previous year on a currency-neutral basis and above the 967.2 million USD Visible Alpha estimate cited by Reuters. Revenue reached 5.88 billion USD, up 39% and above the 5.60 billion USD forecast, while its risk-adjusted net interest margin rose to 12.4% from 9.9%.
Nu serves more than 140 million customers across Brazil, Mexico and Colombia, including more than 60% of Brazil’s adult population. Its shares gained as much as 1.6% during US trading after the announcement.
The move adds a major regulated-fintech player to the stablecoin mainstream: rather than waiting for its full US charter, Nu is using a partner bank for deposits and Circle-issued tokens for cross-border value transfer — a hybrid template that other international banks and fintechs seeking US entry are likely to watch closely.
3.50% APY paid daily and it auto converts to USDC? my brazilian cousins have been on Nu for years, US folks are about to get spoiled
The Lead Bank partner structure is the interesting part here. Basically the same playbook as every fintech waiting on an OCC charter. Works fine until you read the fine print on who actually holds your deposits.
@Dana its FDIC insured through Lead Bank tho, thats more than most crypto native options give you
35 countries on Nu Global already and the US rollout barely started. conditional charter taking forever is the only thing slowing this down imo
3.5% APY plus stablecoin accounts while the OCC charter is still pending? nu is moving aggressive on the US market
1.5% cashback with no annual fee already undercuts half the US cards. the promised 2% would be brutal for incumbents
still better than what chase pays on checking lol. if this scales us neobanks are cooked
4.5% APY but only on balances up to 10k and you need 3 card swipes a month. read the fine print people