Nubank, Latin America’s largest digital bank, has announced plans to pilot dollar-backed stablecoin payments through credit cards, marking a new step in its blockchain adoption strategy. The initiative was highlighted by Vice Chairman Roberto Campos Neto at the Meridian 2025 conference, where he emphasised how quickly digital assets are reshaping global finance.
Campos Neto, who previously served as Central Bank of Brazil governor, noted that blockchain technology is increasingly becoming the bridge between traditional banking and the digital asset economy. He explained that tokenised deposits could preserve banks’ credit intermediation role while unlocking new efficiencies, but also warned that central banks worldwide are already struggling to keep pace with the rapid rise of cryptocurrencies and stablecoins.
Dollar-pegged stablecoins, in particular, have been expanding most rapidly in emerging markets. Their popularity stems from providing easy access to U.S. dollars, offering a hedge in economies with weak or non-convertible currencies, and serving as a financial lifeline in politically unstable regions. While often used as a store of value, Campos Neto stressed that their role is shifting toward everyday transactions.
Nubank’s pilot reflects both strategic and geopolitical considerations. By enabling stablecoin payments through credit cards, the bank is positioning itself at the forefront of dollar-based digital finance. Campos Neto pointed out that this trend reinforces global demand for U.S. Treasuries, raising concerns in Europe, where policymakers are considering euro-backed alternatives. Despite this, he argued that the dollar’s dominance will be difficult to challenge in the near future.
If successful, Nubank’s trial could accelerate mainstream adoption of stablecoins across Latin America, transforming them from a digital savings tool into a widely accepted payment method—and signalling how traditional banks may increasingly converge with blockchain-driven finance.
