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Nu Holdings has started US operations with deposit accounts, credit cards and international transfers while separately launching Nu Global, a multi-currency account that converts customer balances into USDC or EURC.
Both products began rolling out on September 10, but they operate through separate legal structures and offer different protections.
US Accounts Launch Through FDIC-Insured Lead Bank
Nu’s US account offers 3.50% annual percentage yield, with interest calculated and paid daily. Customers can also make fee-free domestic and international transfers, initially covering Brazil, Mexico, and Colombia.
A Mastercard credit card carries no annual fee and offers unlimited 1.5% cashback. Nu plans to increase the deposit yield to 4.50% on balances of up to $10,000 for qualifying customers who also use the card. The banking services are provided through FDIC-insured Lead Bank.
Nu received conditional approval from the Office of the Comptroller of the Currency in January to establish Nubank, N.A., but has not completed the approvals needed to operate independently as a US national bank.
Nu Global Converts Customer Balances Into USDC and EURC
Nu Global operates separately from the US bank account. Customer funds are converted into USDC or EURC, with the stablecoin balances earning 3.50% APY and 2.20% APY respectively.
The account supports fee-free transfers across more than 35 countries, initially between Europe and Latin America. Connections with Brazil, Colombia, Mexico, and the United States are planned for the coming months.
Customers can also spend through a virtual Mastercard and hold or trade selected digital assets including Bitcoin and Ethereum alongside their stablecoin balances.
Swiss Entity Operates Nu Global Separately From US Banking
Nu Global is provided by Switzerland-based Nu Global AG, which is a member of VQF, a self-regulatory organization recognized by Swiss regulator FINMA. The company says customer balances are covered by a Swiss bank default guarantee to the extent required by law.
Nu Global’s USDC and EURC balances are separate from the deposits provided through Lead Bank in the United States and should not be treated as the same banking product. Nu began rolling out both offerings on September 10. It has not provided a timetable for completing all planned connections between Nu Global and its US and Latin American markets.
