Latin America’s Largest Digital Bank Nubank Eyes Dollar-Pegged Stablecoins

Nubank, the biggest digital bank in Latin America, is preparing to integrate dollar-pegged stablecoins into its payment ecosystem, starting with credit card transactions.

Key Takeaways:

• Nubank plans to pilot dollar-pegged stablecoin payments through its credit cards.
• Campos Neto says crypto is gradually shifting from a store of value to a payment tool.
• Stablecoin adoption is accelerating across Latin America amid high inflation and currency instability.

Speaking at the Meridian 2025 event on Wednesday, Nubank vice-chairman and former Brazilian central bank governor Roberto Campos Neto revealed the bank’s plans to pilot stablecoin-based payments.

He emphasized the growing importance of blockchain technology in bridging digital assets with the traditional banking system.

Campos Neto noted that while many people are buying crypto as a store of value rather than for transactions, this behavior is gradually shifting.

“We need to understand why this is happening,” he said, pointing to the need for banks to evolve by accepting tokenized deposits and enabling credit issuance backed by digital assets.

Nubank’s move into stablecoins reflects its ongoing expansion into the crypto space. The São Paulo–based bank, which serves over 100 million customers across Brazil, Mexico, and Colombia, entered the market in 2022 with a Bitcoin allocation and crypto trading services.

It later added support for altcoins such as Cardano, Cosmos, Near Protocol, and Algorand in early 2025.

The stablecoin trend is particularly strong in Brazil. In February, the country’s central bank president revealed that 90% of crypto activity there was tied to stablecoins.

High inflation and currency volatility have made dollar-pegged tokens like USDT and USDC attractive alternatives.

Neighboring countries are seeing similar adoption patterns. In Argentina, where inflation has surged past 100%, stablecoins accounted for over 70% of all crypto purchases in 2024, according to Bitso.

In Venezuela, where annual inflation hit 229% in May, tokens like USDT are increasingly used in daily commerce, with nearly half of all sub-$10,000 crypto transactions made in stablecoins.

Even Bolivia has shifted its stance, lifting its crypto ban in 2024 and signing an agreement with El Salvador to promote crypto adoption.

The Bolivian central bank now supports Bitcoin and stablecoin payments within its financial system.

The recent passage of the GENIUS Act, signed by President Trump, aims to cement the dollar’s dominance by backing dollar-pegged stablecoins in global markets.

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The Treasury Department expects the stablecoin market to exceed $2 trillion by 2028, a projection that places greater emphasis on liquidity, interoperability, and regulatory alignment across the ecosystem. Tether’s latest move underscores a pragmatic shift toward that future.

As reported, Ripple CEO Brad Garlinghouse has said the stablecoin sector is poised for explosive growth, projecting the market could balloon from its current $250 billion capitalization to as much as $2 trillion in the near future.

“Many people think it will reach $1 to $2 trillion in a handful of years,” Garlinghouse said, adding that Ripple is positioned to benefit from that trajectory.

Meanwhile, Western Union is positioning itself for a new phase of digital transformation, signaling strong interest in using stablecoins to modernize its global remittance operations.

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