The feature applies to balances of at least 10 USDC, with returns credited daily. Liquidity is immediate, allowing users to access their funds at any time. According to a statement from the bank, the decision to launch the feature more broadly follows a year-long pilot program that tested variable rates with a limited group of users.
Customers can activate the rewards feature through their crypto wallet in the Nubank app and deactivate or reactivate it at their discretion.
In 2024, Nubank reported a tenfold increase in the amount of USDC held by its customers, with approximately 30% of its user base now including the asset in their portfolios. Additionally, more than half of new Nubank Cripto users chose USDC as their first digital asset, reflecting its popularity among the bank’s customers.
USDC is a stablecoin backed by the US dollar and supported by liquid reserves that can be redeemed on a 1:1 basis for USD. This backing, along with publicly verifiable reserves, makes USDC less volatile compared to other cryptocurrencies.
In November 2024, Nubank introduced a cryptocurrency swap tool within its app. The feature enables users to exchange Bitcoin, Ethereum, Solana, or Uniswap for USDC and vice versa at reduced fees.
The app also includes price alert functionality. Customers can monitor fluctuations in cryptocurrency values, with specific thresholds for USDC tied to exchange rate changes between the US dollar and the Brazilian real (0.5%, 1.5%, or 2%). Alerts for other cryptocurrencies, such as BTC and ETH, are triggered at wider variation levels, including 3%, 6%, or 9%.
At the time, officials from Nubank explained that Swap is a highly requested feature by customers who are incorporating crypto assets into their financial strategies. Launching with USDC and four of the most popular cryptocurrencies provided a way for users to benefit from value growth while maintaining market exposure and enjoying lower fees than selling for fiat currency.
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