Brazilian Fintech Giant Nubank Clears Key U.S. Hurdle, Paving Way for National Bank and Potential Crypto Services
In a move signaling both the globalization of digital banking and the evolving integration of cryptocurrencies into the mainstream financial system, Brazilian fintech powerhouse Nubank has secured a pivotal conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to form a national bank.
The approval, received 121 days after Nubank's September 2025 application, allows the company to proceed to the bank organization phase. Nubank met the OCC's requirements on capitalization, governance, and supervision, and also secured necessary independent authorizations from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
Regulators have set a 12-month deadline for Nubank to fully capitalize the institution and an 18-month window to officially launch the bank. Upon final approval, the charter would authorize the entity—to be named Nubank, N.A.—to offer U.S. customers a full suite of services including deposit accounts, credit cards, lending products, and, notably, the custody of digital assets.
This potential to offer crypto custody on a federal banking platform is a standout feature. Currently, most crypto services in the U.S. operate under a patchwork of state licenses or through partnerships with banks. A national bank charter would allow Nubank to provide traditional banking and digital asset services under a single, federal umbrella, positioning it as one of the first major consumer digital banks to do so.
"This is a strategic milestone, not just for Nubank, but for the model of digital-first banking," said David Vélez, founder and CEO of Nubank. "It demonstrates that our model can scale globally within a robust regulatory framework."
The U.S. venture will be spearheaded by co-founder Cristina Junqueira, who has relocated to lead the effort, with former Central Bank of Brazil president Roberto Campos Neto serving as board chairman.
Founded in 2013, São Paulo-based Nubank has grown into one of the world's largest digital financial services platforms, serving over 127 million customers across Brazil, Mexico, and Colombia. It went public on the New York Stock Exchange (NU) in 2021 and reported record revenue of $4.2 billion for Q3 2025, a 39% year-over-year increase.
The company has been steadily expanding its digital asset offerings since a 2022 partnership with Paxos. Its crypto platform now supports dozens of tokens, on-chain transfers, in-app swapping, and yield on stablecoins, boasting over 6.6 million users by August 2025, predominantly from younger demographics.
The OCC's move aligns with a broader trend in Washington to bring more digital asset activity under federal banking oversight. In December 2025, the regulator granted similar conditional approvals to several crypto-native firms like Circle and Fidelity Digital Assets for national trust bank charters. Early 2026 has seen further applications from entities including Nomura-backed Laser Digital.
Market Voices
Eleanor Vance, Fintech Analyst at Sterling Insights: "Nubank's approval is a landmark. It validates the convergence of traditional and digital asset banking under federal supervision. Their massive, engaged user base gives them a unique launchpad for adoption in the U.S."
Marcus Chen, Portfolio Manager at Horizon Digital Assets Fund: "This is the blueprint for the future bank: seamless, integrated, and platform-agnostic. Regulatory clarity from the OCC is attracting serious players, which will accelerate institutional adoption of crypto services."
Janice Kowalski, Consumer Advocacy Group 'Banking on Trust': "It's outrageous. Federal regulators are rolling out the red carpet for a foreign corporation to experiment with risky crypto products alongside everyday Americans' savings. Have we learned nothing from past banking crises? This prioritizes fintech expansion over consumer protection."
Rajiv Mehta, Former Regulator & Consultant: "The conditional nature is key. The OCC is showing it can be adaptive but hasn't lowered the bar. Nubank still has to meet stringent operational conditions over the next 18 months. This is a cautious, step-by-step approach to integration."
Source: Based on original reporting and regulatory filings.