Through Nubank Cripto, the trading cryptocurrency platform, Nubank announces today the launch of USDC in its app. USDC is a digital version of the US dollar widely requested by users and one of the most traded stablecoins in the world on its blockchain protocol. The availability of USDC to Nu customers – gradually rolled out in Brazil – results from a partnership with Circle, a global fintech responsible for issuing this digital dollar.

The agreement between the companies includes mutual contributions to campaigns aimed at spreading knowledge about USDC in the Brazilian market to democratize it and make it one of the safest and most transparent ways to buy and sell the US dollar. The listing of this asset in the Nubank Cripto experience also meets the demands of active cryptocurrency holders and keeps up with the constant evolution of the platform.

“The integration of USDC with Nubank Cripto opens up great opportunities not only for customers interested in having this digital dollar in their portfolio. Through this offering and the characteristics of Circle’s USDC, we are considering future possibilities to integrate Nubank Cripto with other financial services available in our app,” says Thomaz Fortes, General Manager of Nubank Cripto.

As a stablecoin, USDC is backed by a real asset, in this case, the US dollar, which means it will always be redeemable 1:1 for US dollars. This feature makes it a safer option for digital asset holders, with lower volatility than other cryptocurrencies and greater protection against inflation in local markets. The accessibility factor should also be highlighted, as regulated digital dollars can be acquired without needing a global account, and competent authorities regulate their issuance with an independent audit process.

“We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,” said Jeremy Allaire, CEO and Co-Founder at Circle. “Our partnership with Nubank marks a significant moment in expanding the global reach of USDC, and an important step towards building the new internet financial system.”

Nubank Cripto: portfolio diversification, security, and efficiency

With the listing of USDC, Nubank Cripto has added a total of 11 new cryptocurrency options to the platform throughout 2023. The shelf now has 15 digital assets as alternatives in addition to Nucoin, a utility token for the loyalty program.

The evolution of the experience also includes enhancements in greater operational efficiency – aiming to reduce costs for the end customer – through the integration with Talos, a global reference in technology for digital asset trading. Through this partnership, Nubank Cripto will now have smart routing for selecting liquidity providers and optimizing the execution of cryptocurrency buy and sell orders in Brazilian reais.

In 2023, Nu’s cryptocurrency trading platform also implemented new measures to make the user experience even safer. By adopting Fireblocks software for managing digital asset operations on the blockchain – widely recognized and adopted by leading crypto custodians worldwide –, Nubank has developed its proprietary custodial solution for the digital assets of Nubank Cripto customers. This initiative ensures compliance with the most rigorous industry governance practices. Talos also integrates with Fireblocks, providing an efficient and automated order workflow.