Nu Enters U.S. Market With Dual Banking and Stablecoin Strategy

The U.S. operation provides deposit accounts, credit cards, and debit cards, with Lead Bank serving as the regulated partner providing FDIC-insured services. Nu is currently offering a 3.50% annual percentage yield on dollar balances, alongside a credit card featuring 1.5% unlimited cashback. These features are part of a staged rollout, with the company signaling future plans for higher savings rates and expanded transfer corridors.

Separately, Nu Global operates under a Swiss regulatory framework, allowing users to hold and transact using stablecoins. This account converts customer funds into USDC or EURC, offering daily-accrued yields of 3.50% and 2.20% respectively. While the company markets these accounts as a global financial tool, the offering remains distinct from its U.S. banking operations. Nu has not publicly disclosed the underlying mechanism or source of the yields generated by these stablecoin holdings.

While this launch marks a significant step, Nu is still working toward a formal U.S. national bank charter. The Office of the Comptroller of the Currency granted preliminary conditional approval in January 2026, but the company must still satisfy rigorous pre-opening requirements, including FDIC insurance and Federal Reserve membership. Until these conditions are met, the company functions as a financial technology provider rather than a standalone bank, relying on partner infrastructure to facilitate its current suite of services.