Nubank Pilots Stablecoin Payments to Counteract Latin America's Currency Volatility

Nubank, Latin America’s largest digital bank, is set to pilot stablecoin-powered credit card payments in Brazil, marking a significant step in integrating blockchain technology with traditional banking services. The initiative, announced by vice-chairman Roberto Campos Neto during the Meridian 2025 event, aims to allow customers to settle transactions using dollar-pegged tokens such as USDT and USDC. This move aligns with the bank’s broader strategy to expand its digital asset offerings, which include Bitcoin trading and altcoin support for Cardano, Cosmos, and Algorand.

Stablecoin adoption in Latin America has surged due to high inflation and currency volatility, particularly in countries like Argentina, Venezuela, and Bolivia. In Brazil, the central bank reported that 90% of crypto activity is stablecoin-related, driven by demand for price stability amid economic uncertainty. Argentina’s 2024 Bitso data showed USDT and USDC accounting for 50% and 22% of crypto purchases, respectively, while Venezuela’s Chainalysis report indicated stablecoins made up 47% of sub-$10,000 transactions in 2024. Nubank’s pilot reflects a shift in how digital assets are used, moving from a store of value to a medium for everyday payments.

The bank’s strategy leverages blockchain to bridge traditional credit systems with digital assets, a vision Campos Neto emphasized as critical for future financial infrastructure. He noted that tokenized deposits could eventually serve as collateral for credit issuance, enabling banks to remain relevant in evolving markets. Nubank’s approach builds on its 2022 entry into crypto with a 1% Bitcoin allocation and its 2025 expansion to altcoins, positioning it as a regional leader in fintech innovation.

However, the initiative faces technical and regulatory challenges. Integrating stablecoins with legacy banking systems requires seamless settlement speeds and liquidity management to avoid transaction delays. Regulatory frameworks, such as Brazil’s upcoming stablecoin guidelines and the U.S. GENIUS Act, will play a pivotal role in shaping adoption. Campos Neto acknowledged that regulatory delays could slow progress but stressed the urgency for banks to adapt to avoid disintermediation.

The pilot could set a precedent for Latin American banks, accelerating stablecoin integration in high-inflation economies. With over 100 million customers across Brazil, Mexico, and Colombia, Nubank’s scale positions it to influence regional trends. If successful, the experiment may encourage other institutions to adopt similar models, potentially transforming remittance systems and local credit markets.