Spanish banking giant BBVA has introduced Circle’s USDC stablecoin for its institutional and private clients through its Swiss division. This new offering allows clients to manage USDC alongside traditional investments, providing the ability to exchange, custody, and convert the stablecoin into euros, U.S. dollars, or other currencies, according to a Sept. 9 press release.
The integration of USDC aims to enhance transaction efficiency for institutional clients, including investment fund managers who utilize stablecoins to facilitate cryptocurrency trades across exchanges.
Philippe Meyer, head of digital solutions and blockchain at BBVA Switzerland, emphasized the importance of offering secure options for clients managing assets, indicating the bank’s intention to further expand its offerings based on client demand. However, it remains unclear whether BBVA supports USDC on all blockchain networks, such as Coinbase’s Base layer-2 solution.
BBVA’s move aligns with its broader blockchain strategy, following its migration to Metaco’s Harmonize platform in 2023. This infrastructure enables clients to connect to multiple blockchain networks for more efficient transactions. Additionally, BBVA’s Turkish subsidiary, Garanti BBVA Digital Assets, offers clients the ability to trade various cryptocurrencies, including Bitcoin, Ethereum, and Avalanche.
Related Topics:
