The Swiss division of Spanish banking conglomerate BBVA has begun offering Circle’s USDC stablecoin to its institutional clients, expanding its digital asset services.
As of September 9, BBVA’s Swiss arm has integrated Circle’s USD Coin (USDC) into its platform, allowing clients to manage, exchange, custody, and convert the stablecoin alongside traditional investments. This development enables institutional clients, such as investment fund managers, to execute transactions more swiftly by converting USDC into euros, U.S. dollars, or other currencies.
The move is aimed at enhancing transactional efficiency for clients who utilize stablecoins for trading cryptocurrencies across multiple exchanges. Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA Switzerland, emphasized the importance of providing comprehensive asset management options, stating, “Our clients require solutions that ensure the security of their assets.” Meyer also mentioned that BBVA will continue to evaluate client needs to broaden its offerings, though it remains unclear if USDC will be supported across all blockchain networks, including Coinbase’s Base layer-2 solution.
This initiative follows BBVA’s adoption of Metaco’s Harmonize platform in 2023, a blockchain infrastructure service owned by Ripple. This platform facilitates connectivity to various blockchain networks, streamlining transactions for clients. The service is also accessible through BBVA’s Turkish subsidiary, Garanti BBVA Digital Assets, where clients can trade a range of cryptocurrencies including Bitcoin, Ethereum, and Avalanche.
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