Nubank insiders say blockchain technology could serve as a bridge between traditional banking and the digital assets market. To explore this potential, the bank is preparing pilot programs that would allow customers to pay credit card bills using stablecoins, according to local media reports.
Roberto Campos Neto, former governor of the Brazilian central bank and current vice-chairman of Nubank, is leading the initiative. He stated that the bank plans to begin testing stablecoin-based payments on its credit cards later this year. However, no specific timeline for the pilot or a tentative launch date has been disclosed.
Stablecoin adoption is growing
Campos Neto highlighted the rapid growth of the digital asset sector, noting that central banks worldwide are grappling with how to foster this growth without causing credit disintermediation. “The main challenge is finding a way for banks to accept deposits in token form and carry out credit operations on top of them,” he said.
He also pointed to the increasing adoption of stablecoins in emerging markets, noting that they provide easier access to the U.S. dollar and serve as a hedge against local currency devaluation and economic instability.
“What the data shows is that people aren’t buying crypto to transact—they’re buying it as a store of value. We need to understand why this is happening. I think it’s starting to shift, but the trend still requires close attention,” Campos Neto added.
Stablecoin usage has surged across key Latin American markets, particularly where remittances are an important source of household income. In Brazil, stablecoins now account for the majority of crypto transactions, according to central bank officials. In Argentina, USDt and USDC have gained traction as inflation soared into triple digits, while in Venezuela, dollar-pegged tokens are increasingly used in place of the bolívar for everyday commerce.
This growing demand hasn’t gone unnoticed by the broader Latin American banking sector. Earlier this year, Itaú Unibanco, the region’s largest bank, announced plans to develop its own stablecoin.
Nubank’s blockchain and crypto journey
Since entering the digital asset space in 2022, Nubank has steadily expanded its offerings for its more than 100 million customers across Brazil, Mexico, and Colombia. In March, the neobank added Cardano, Cosmos, Near Protocol, and Algorand to its platform. Earlier this year, Nubank also began offering a 4% annual return on USDC holdings, becoming one of the first major banks in the region to integrate stablecoin yields into everyday banking apps.
