A survey conducted by Nubank found that the USDC stablecoin served as an entry point for many Brazilians into the world of cryptocurrencies. According to data published by FinTech, 25% of customers who made their first cryptocurrency purchase on the platform in the past twelve months chose this currency.
This means that for every four new investors in Nubank Crypto, one chose USDC as their first purchase. The data highlights an increasing preference for digital dollars, especially among users seeking safety and stability at the beginning of their journey in the cryptocurrency market.
Stability attracts new investors
USDC is a stablecoin pegged to the US dollar, meaning its value closely follows the exchange rate of the American currency. This feature reduces volatility – common in assets like Bitcoin and Ethereum – making it a more conservative and predictable option for beginners.
According to Nubank, the choice of USDC reflects an increasing caution among new investors, who seek to understand the cryptocurrency environment before engaging with more volatile currencies. By facilitating access to USDC directly through the app, the digital bank has attracted a diverse user base. These users are interested in exploring more controlled risk investment alternatives.
Nubank currently offers nine cryptocurrencies on its platform, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and USDC itself. The company states that it continues to monitor customer behavior to expand its offerings of digital assets and improve the investment experience.
Global banks are moving towards issuing their own stablecoins
The popularity of USDC in Brazil reflects a global trend towards the adoption of stablecoins, including by traditional institutions. Several banks around the world are exploring the development of their own digital currencies linked to fiat currencies.
Examples include JPM Coin, created by JPMorgan Chase, and the digital dollar project being studied by the US Federal Reserve. In the UK, the Bank of England is considering launching a digital pound. Meanwhile, the European Central Bank is conducting its research on a digital euro.
These movements indicate an increasing integration between the traditional financial system and innovations in the cryptocurrency sector, with a focus on stability, efficiency, and financial inclusion.