Nubank, Latin America’s largest digital bank, is preparing to pilot stablecoin-powered payments for its credit card customers. The program, set to begin testing later this year, will allow users to settle card transactions with dollar-pegged tokens, signaling a potential shift in how blockchain integrates with mainstream banking.
Campos Neto: banks must adapt or risk disintermediation
The initiative is spearheaded by Roberto Campos Neto, Nubank’s vice-chairman and former governor of Brazil’s central bank. Speaking at the Meridian 2025 conference, Campos Neto said blockchain could help bridge traditional credit systems and digital assets.
“The problem for banks is credit disintermediation,” he said. “If banks cannot accept tokenized deposits and issue credit against them, much of the value creation will migrate outside the financial system.”
Campos Neto noted most stablecoin use in emerging markets is currently as a store of value, particularly as citizens hedge against inflation. However, he argued that usage patterns are shifting toward payments and credit integration, requiring banks to adapt quickly.
Technical hurdles: from tokenized deposits to credit issuance
Stablecoin integration into credit card ecosystems raises key challenges:
- Settlement speed: Linking blockchain settlement layers with legacy banking systems must be seamless to avoid delays.
- Liquidity management: Banks will need mechanisms to reconcile stablecoin balances instantly with fiat credit lines.
- Regulatory capital treatment: Current prudential rules do not yet fully define how tokenized deposits or stablecoin-backed assets should sit on bank balance sheets.
- Counterparty risk: Ensuring dollar-pegged assets are properly collateralized and redeemable is critical for stability.
Regulatory backdrop: supportive but evolving
Brazil has become a regional leader in crypto regulation. Earlier this year, the central bank estimated that 90% of the country’s crypto activity is stablecoin-related, and officials have signaled openness to integrating digital assets into the payment system.
Nubank’s experiment parallels steps by Itaú Unibanco, Brazil’s largest bank, which is developing its own stablecoin. Meanwhile, regulators in Argentina, Venezuela, and Bolivia have acknowledged surging stablecoin demand as local economies battle inflation.
Still, unresolved issues remain. The Basel Committee has warned that banks must hold adequate capital buffers against tokenized exposures, and Brazil’s central bank is expected to publish further stablecoin guidance next year.
Global context and competitive implications
Stablecoin adoption in Latin America is accelerating:
- Argentina: USDT and USDC now account for over 70% of crypto purchases, per Bitso data.
- Venezuela: Stablecoins have become common in sub-$10,000 retail transactions, replacing the bolívar in daily commerce.
- Bolivia: After lifting its crypto ban in 2024, the country now permits stablecoin and Bitcoin payments in its financial system.
Globally, policymakers are also aligning. In the U.S., the GENIUS Act, signed this year, aims to back the use of dollar-pegged stablecoins worldwide. Ripple and Western Union have each announced stablecoin initiatives targeting remittances and global payments.
For Nubank, early adoption could cement its competitive edge among Latin America’s digital-native banks, especially as customer demand for USD-denominated assets continues to grow.
Risks and outlook
Analysts caution that success is not guaranteed:
- Operational friction: If card-linked stablecoin transactions settle more slowly than existing systems, customers may resist adoption.
- Policy tightening: Future Brazilian or international rules could alter collateral requirements, affecting scalability.
- Dollar dependence: Heavy reliance on U.S.-linked tokens raises questions of financial sovereignty.
Despite these risks, many see Nubank’s move as a watershed test case.
“If the pilot works, it opens the door for regulated banks across Latin America to bring stablecoins into everyday credit rails,” said Rodrigues. “That could transform both remittances and local credit markets.”
What it means for the industry
Nubank’s pilot reflects a broader trend: banks are no longer treating stablecoins as peripheral but as potential infrastructure tools for the next stage of digital finance. If successful, the experiment could shape both regulatory frameworks and customer expectations in high-inflation economies where stablecoins are already embedded in daily financial life.
Matvii Diadkov
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