Nu launches U.S. services after OCC approval

Nu has launched U.S. deposit accounts, credit cards and international transfers through Lead Bank while introducing a stablecoin-based account serving more than 35 countries.
Summary

• Nu has launched U.S. accounts, cards and remittances through FDIC-insured partner Lead Bank initially online.
• Nu Global converts customer deposits into USDC or EURC while offering daily variable yields internationally.
• The U.S. account pays 3.50% APY, while its credit card provides unlimited 1.5% cashback initially.
• Nu's national bank charter remains conditional, with Federal Reserve and FDIC approvals still pending today.
• More than 140 million customers use Nu across Brazil, Mexico and Colombia, the company says.

Nu said on Sept. 10 that customers could register immediately for early access to the products. The NYSE-listed financial technology company is entering the U.S. through a partner-bank structure because its own national bank charter remains subject to further regulatory approvals.

The U.S. offering includes an account paying a variable 3.50% annual percentage yield, a debit card and a Mastercard credit card carrying no annual fee. Nu Global, a separate international product, converts customer deposits into USDC or EURC and supports transfers across parts of Europe and Latin America.
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Nu enters U.S. banking through Lead Bank

Nu is not currently 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.

USDC and EURC are coming to Nu Global.

Nu, one of the world's largest digital financial platforms with more than 140M customers, is integrating Circle stablecoins into its new multi-currency digital account.

The product will support fast money movement across 35+ countries.... pic.twitter.com/CgkBbouGN3 --- Circle (@circle) September 10, 2026

Customer deposits in the Nu Account are held at Lead Bank. Nu says the account pays 3.50% APY on every available dollar, with interest calculated and credited daily. The advertised rate was accurate as of Sept. 10 and may change after an account opens.

Users receive access to savings goals without losing immediate access to their funds. The account supports domestic transfers and international transfers beginning with Brazil, Mexico and Colombia, although Nu says more destinations will follow.

A limited-edition metal debit card forms part of the initial package. Through its Mastercard relationship, Nu is offering a metal World Elite credit card with no annual fee and unlimited 1.5% cashback on purchases.

The company plans to raise the cashback rate to 2% for customers who meet qualifying conditions. Nu has not disclosed the complete eligibility terms or confirmed when the higher rate will become available.

Eligible customers will eventually be able to earn 4.50% APY on savings balances of up to $10,000. To qualify, a customer must hold the Nu Account and credit card, then complete at least three eligible card transactions within the previous 34 days. Balances above $10,000 will continue earning the standard rate, according to the product disclosure.

Nu Global holds balances in USDC and EURC

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.

The company advertises a variable daily yield equivalent to 3.50% APY for USDC balances and 2.20% for EURC. Nu's announcement does not identify how the yield is generated, which legal entity holds the stablecoins or whether the balances receive deposit insurance.

Stablecoins are digital assets designed to track reference currencies, but they are not the same as insured bank deposits. Nu Global should therefore be distinguished from the U.S. Nu Account provided through Lead Bank.

Customers receive a virtual Mastercard for spending their balances. Nu says the card offers competitive foreign exchange rates without markups, while transfers between supported countries carry no service fee.

The first group of supported markets covers much of the European Union and several Latin American countries. Transfers are available in Argentina, Chile, Costa Rica, El Salvador, Honduras, Paraguay, Peru and Uruguay, according to a market list reported by Folha de S.Paulo.

European coverage includes Germany, France, Italy, Spain, Portugal, Ireland, Switzerland, Sweden and more than 20 other jurisdictions. Integrations involving Nu's businesses in Brazil, Mexico, Colombia and the U.S. are planned for the coming months.

The product permits customers to hold and trade selected digital assets, including Bitcoin and Ethereum. Nu has not published a complete token list, custody arrangement or fee schedule for those trades in its launch announcement.

In related coverage, 21 financial institutions are preparing a multicurrency stablecoin venture expected to begin issuing tokens in 2027. Separately, U.S. Bank completed a cross-border stablecoin pilot between its North American and European entities using Stellar.

Nu's U.S. bank charter is not final

Nu applied to form Nubank, N.A. in September 2025. The Office of the Comptroller of the Currency granted conditional approval on Jan. 29, allowing the company to enter the bank-organization phase.

Conditional approval does not authorize Nubank, N.A. to begin independent banking operations. Nu must satisfy the OCC's conditions and secure required approvals from the Federal Reserve and FDIC.

The company said in January that it needed to capitalize the proposed institution within 12 months and open the bank within 18 months. U.S. chief executive Cristina Junqueira told Reuters that she expects the bank to begin operating in 2027.

A completed charter would allow Nubank, N.A. to offer deposit accounts, credit cards, lending and digital asset custody under a federal banking structure. Until then, Nu's U.S. customers receive regulated banking products from Lead Bank.

Nu founder and chief executive David Vélez described the launch as the beginning of a "multi-decade journey" outside Latin America. His statement presents the company's strategy and should not be read as a forecast of future market share.

Junqueira said capturing even a small portion of the U.S. market "will be transformative for our business." Nu has not published U.S. customer, deposit or revenue targets for the new operation.

U.S. launch follows Nu's first $1 billion quarter

Nu reported $1.06 billion in net income for the second quarter of 2026, crossing $1 billion for the first time. The result increased 49% from the previous year on a currency-neutral basis and exceeded the $967.2 million Visible Alpha estimate cited by Reuters.

Second-quarter revenue reached $5.88 billion, up 39% and above the cited $5.60 billion forecast. Its risk-adjusted net interest margin rose to 12.4% from 9.9% one year earlier.

The company serves more than 140 million customers across Brazil, Mexico and Colombia, according to its latest announcement. Brazil remains its largest operation, where Nu says it serves more than 60% of the adult population.

In Mexico, the company describes itself as the largest digital bank. Nu says its Colombian business ranks fourth among the country's financial institutions by deposits, though the claim depends on the company's selected market classification.

Nu shares gained as much as 1.6% during U.S. trading after the announcement, Reuters reported. The publication identified the move as the market's initial reaction, not a measure of the U.S. operation's future financial performance.

Nu Global is already available in selected European and Latin American markets. The company has not provided exact launch dates for its planned integrations with Brazil, Colombia, Mexico and the United States.
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