Fiat volatility prompts Nubank to embrace stablecoins across Latin America

Nubank, the largest digital bank in Latin America, is moving forward with the integration of dollar-based stablecoins into its payment platform, beginning with credit card transaction pilots. This effort, revealed by Nubank’s vice-chairman Roberto Campos Neto at the

2025 event, highlights the bank’s focus on utilizing blockchain to connect digital currencies with conventional banking. Campos Neto pointed out that although cryptocurrencies have mainly been valued as a store of value, their use in payments is becoming more central, pushing banks to adjust their business strategies title1 [ 1 ]. Serving more than 100 million users in Brazil, Mexico, and Colombia, Nubank has expanded crypto features since 2022, such as investments and support for various altcoins, and this latest step signals a deeper involvement in incorporation title2 [ 2 ].

This stablecoin program responds to a rising need in the region for alternatives to unstable fiat money. In Brazil, stablecoins made up 90% of crypto transactions in 2025, largely due to inflation and currency volatility title3 [ 3 ]. Comparable patterns have emerged in Argentina—where stablecoins represented 70% of crypto buys in 2024 amid triple-digit inflation—and in Venezuela, where tokens like

have replaced the bolívar for almost half of transactions under $10,000 title4 [ 4 ]. Bolivia, after lifting its ban on crypto in 2024, has also supported stablecoin adoption, formalizing agreements to integrate them into its financial sector title5 [ 5 ]. These shifts underline Latin America’s growing significance as a stablecoin hub, and Nubank is positioning itself to benefit from this trend.

Nubank’s ambitions go further than payments, as it looks to tokenize deposits and provide loans secured by digital assets. This approach mirrors industry-wide movements, with

adopting stablecoin infrastructure to boost liquidity and facilitate seamless transactions. The recently enacted U.S. GENIUS Act bolsters the use of dollar-pegged stablecoins as a means to maintain the dollar’s international influence title6 [ 6 ]. Meanwhile, forecasts from the Treasury Department and Ripple CEO Brad Garlinghouse anticipate the stablecoin market topping $2 trillion by 2028, spurred by improved regulation and expanded international applications title7 [ 7 ]. For Nubank, adopting stablecoins for credit cards is a strategic move to strengthen customer ties and diversify lending options backed by blockchain assets.

The bank’s growth in crypto-related services has already delivered notable profits.

, Nubank’s holding company, saw its profits rise by 42% year-over-year in the second quarter of 2025, thanks to operational efficiencies and strong customer loyalty initiatives title8 [ 8 ]. CEO Guilherme Lago suggested that future expansion would rely more on deepening relationships with current users than on recruiting new ones—a direction that fits Nubank’s digital-first strategy. By adopting stablecoins, Nubank intends to help combat inflation challenges while further connecting the realms of traditional and digital finance.

The regulatory context for Nubank’s stablecoin projects is complex, with different national approaches across the region. While Brazil’s central bank has recognized stablecoins’ leading role in crypto activities, countries like Argentina and Venezuela have witnessed grassroots stablecoin use driven by economic pressures. Nubank’s pilot, however, is structured to meet emerging standards like the EU’s MiCA rules, supporting expansion while maintaining compliance. Experts believe that if Nubank’s integration is successful, it could emerge as a frontrunner in mainstream stablecoin usage, especially in markets with unstable local currencies title9 [ 9 ].