BBVA has announced the integration of USD Coin (USDC), a leading stablecoin pegged to the U.S. dollar, into its cryptocurrency custody and trading services in Switzerland. This move aims to enhance the bank’s digital asset offerings for institutional clients, providing them with faster and more efficient trading options through blockchain technology. USDC, launched by Circle in 2018, is widely recognized for its stability and liquidity in the cryptocurrency market.
This latest addition enables BBVA’s institutional and private banking clients in Switzerland, as well as NewGen account holders, to manage USDC funds alongside their traditional investments. Clients can now exchange, custody, or convert USDC in near real-time into major currencies such as euros and U.S. dollars. By offering this service, BBVA is positioning itself as a leading player among European banks exploring digital assets.
Benefits for Institutional Clients
The integration of USDC offers notable advantages for institutional clients, such as investment fund managers and large corporations. These clients often use stablecoins to conduct transactions more efficiently and mitigate risks associated with the volatility of other cryptocurrencies. Stablecoins like USDC allow companies to preserve the value of their digital assets, converting them to a reliable currency during market fluctuations.
“USDC enables fast and cost-effective transactions, providing our institutional clients with the ability to manage operations on cryptocurrency exchanges with greater efficiency,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland.
The addition of USDC marks the third cryptocurrency offered by BBVA’s digital asset service in Switzerland. The bank initially launched the service in 2021 with support for Bitcoin and Ether, two of the largest cryptocurrencies by market volume. To enhance security and streamline operations, BBVA migrated its custody capabilities to the Metaco Harmonize platform in 2023, now known as Ripple Custody, which allows connection to various blockchain networks.
USDC’s Growing Role in Digital Finance
USDC, backed 1:1 by highly liquid cash and cash-equivalent assets, has become a favored stablecoin in decentralized finance (DeFi) and digital payments. Its transparent nature and liquidity have made it a reliable option for users seeking stability without exposure to the price fluctuations typical of other cryptocurrencies. USDC’s compliance with the European Union’s new Markets in Crypto-Assets Regulation (MiCA) further strengthens its appeal in regulated markets.
BBVA’s move to incorporate USDC reflects growing demand for stablecoins as part of institutional investment strategies. With USDC reserves held at regulated financial institutions and verified through third-party monthly attestations, clients can trust the stablecoin’s reliability and security.
Future Plans for BBVA’s Crypto Offering
BBVA plans to continue expanding its digital asset services, offering innovative solutions for both private and institutional clients. “We want to offer our private clients simple access to tokenized products they are most interested in, while ensuring institutional clients have the options they need to safeguard their assets,” Meyer explained. The bank is committed to analyzing new crypto assets that meet its clients’ needs and will explore further opportunities in the space.
In addition to Switzerland, BBVA also offers a crypto asset service in Türkiye through its subsidiary Garanti BBVA Digital Assets, where customers can trade USDC, Bitcoin, Ether, AVAX, and custody Chiliz funds.
As one of the first major European banks to embrace cryptocurrency services, BBVA continues to build a solid foundation for clients seeking to explore new digital opportunities in a secure and regulated environment.
Photo by Joel Filipe on Unsplash
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