Latin America’s largest neobank, Nubank, has rolled out USDC rewards for its crypto users and expanded the features available in its application.
The Brazilian digital bank announced the new features in a blog post on Tuesday, January 14, providing users of its crypto platform incentives and expanded use cases.
New Rewards for USDC Holders
Nubank has incentivized holding USDC on its crypto platform, offering interested users up to a 4% annual percentage yield (APY). USDC holders seeking to participate in the reward program must consent by clicking the “I Want to Participate” option on their Nubank wallet.
Meanwhile, the new reward feature carries a minimum balance clause. Per the disclosure, only users with up to 10 USDC in their Nubank crypto wallet can participate in the program.
The digital bank will automatically remit earned USDC to the participant’s wallet every 24 hours. Furthermore, the rewards carry instant liquidity, allowing users to trade or swap the received incentives immediately.
Notably, the yield program shares similarities with Coinbase’s USDC reward scheme. The leading exchange credits users holding at least 1 USDC monthly prorated with the customer’s daily balance. However, Coinbase has discontinued the earn program for European users, citing MiCA regulations.
Nubank’s USDC reward aligns with its purpose of providing benefits to its crypto wallet users. The virtual banking giant launched the USDC pilot program for selected users last year and, after a successful test, announced it would apply the incentive to all users.
Moreover, Nubank cited a growing traction among its users towards USDC. Per the announcement, 30% of its users hold the Circle-issued stablecoin in their portfolio, as the number of USDC in the platform increased tenfold in 2024.
Nubank Debuts New Features for Crypto Users
In addition, last November, the neobank announced the launch of an in-app functionality that allows users to swap their crypto assets. The feature enables Nubank crypto users to swap their Bitcoin, Ethereum, Solana, or Uniswap for USDC and vice versa.
Interestingly, the in-app functionality updates users on crypto market price fluctuations. For USDC, Nubank’s app will notify customers when the stablecoin moves by 0.5%, 1.5%, or 2% against the US dollar. It will also alert wallet users to a 3%, 6%, or 9% price variation on BTC, ETH, SOL, or UNI.
Nubank boasts over 88 million users in Brazil and 6 million in other Latin American countries like Mexico and Colombia. The fintech giant amassed a valuation of $45 billion during its initial public offering (IPO) in December 2021, having existed for eight years before then.
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