Nubank, one of Latin America’s largest digital banks, is planning to test stablecoin payments via credit cards in Brazil. These are dollar-pegged stablecoins. The exact tokens (e.g. USDC, USDT) are not clearly specified yet. The plan was revealed by Roberto Campos Neto, Vice-Chairman of Nubank and former governor of Brazil’s Central Bank, at the Meridian 2025 event.
Why This Move Matters
- Bridging Digital Assets & Traditional Banking
This initiative reflects Nubank’s aim to connect blockchain-based digital assets with conventional credit and banking services. It may allow tokenized forms of deposits to be used for credit. - Addressing Use-Case Gaps
According to Campos Neto, many customers are buying stablecoins not to spend, but to hold as store of value. Integrating them with everyday transactions (like credit card payments) could shift stablecoins toward more active use. - Growing Stablecoin Adoption in Latin America
In regions with inflation, currency volatility, or limited access to stable foreign currencies, stablecoins are gaining traction. This makes innovation around stablecoin usage especially relevant in Latin America.
Challenges & Considerations
- Regulatory Hurdles: Accepting stablecoin payments via credit cards involves regulatory, tax, and compliance issues, especially around how stablecoins are classified (currency, asset, etc.).
- Volatility & Liquidity: Although stablecoins are pegged, there are risks in maintaining the peg, and in ensuring liquidity and conversion when doing credit card settlements.
- Operational Complexity: Integrating blockchain-settled tokens into credit card processing, possibly converting stablecoin amounts to fiat for merchant settlements, requires robust infrastructure.
- Customer Protection & Risk: Issues like fraud, consumer rights, and transparency will need careful design to avoid misuse or legal exposure.
What to Watch Next
- When the pilot begins in Brazil and which stablecoins will be used.
- Whether this extends beyond Brazil into Nubank’s other markets like Mexico and Colombia. FastBull
- How Nubank plans to use tokenized deposits for credit issuance. Will customers be able to use stablecoins held as deposits as collateral or some part of credit scoring?
- Regulatory responses in Brazil and other Latin American countries.
- Changes in consumer behavior — whether people begin using stablecoins more for transactions rather than just holding them as savings or store of value.
This move by Nubank marks an important milestone in how traditional financial services might adopt blockchain-based payments in a practical way. If successful, it could pave the way for similar integrations globally.
