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4h ago

Nubank to Pilot Dollar-Pegged Stablecoin Payments on Credit Cards

Led by vice chair Roberto Campos Neto, the trial could accelerate Brazil’s discussion on how to regulate stablecoins.

nubank

Overview

  • Campos Neto confirmed at the Meridian 2025 event that Nubank will test letting customers complete credit card transactions using U.S. dollar–pegged tokens.
  • The bank has not released a start date or technical details for the pilot, and slow policy progress may affect rollout.
  • Campos Neto floated using blockchain-based tokenized deposits as collateral to issue credit, signaling a possible shift in bank funding models.
  • Stablecoin use has surged across the region, with most crypto activity in Brazil tied to stablecoins and Argentina’s 2024 purchases dominated by USDT and USDC as Venezuela leans on digital dollars for daily spending.
  • Nubank serves over 100 million customers and has expanded crypto services since 2022, including a 4% yield on USDC, as incumbents like Itaú explore their own stablecoin projects.