Spanish multinational banking giant BBVA has begun offering Circle’s USDC stablecoin to its clients through its Swiss arm. BBVA’s institutional and private banking clients in Switzerland can now manage Circle’s USD Coin USDC stablecoin alongside their traditional investments on the same platform, according to a press release on September 9. The new feature allows clients to exchange, custody, and convert USDC into euros, U.S. dollars, or other currencies, thereby completing transactions faster.
The addition of USDC is aimed at improving efficiency for institutional clients, such as investment fund managers who use stablecoins to trade cryptocurrencies on various exchanges, the press release said. Philippe MEYER, head of digital solutions and blockchain at BBVA Switzerland, noted that institutional clients need options to back the assets they manage, adding that the bank will continue to analyze client needs to expand its offering. However, it is unclear whether BBVA supports USDC on all networks, including Coinbase’s Base L2 solution.
The bank’s move follows its 2023 migration to the Harmonize platform from Metaco, a blockchain infrastructure provider owned by Ripple. The platform allows clients to connect to multiple blockchain networks, allowing for more streamlined transactions. The service is also available through BBVA’s Turkish subsidiary, Garanti BBVA Digital Assets, where clients can trade other cryptocurrencies, including Bitcoin, Ethereum, and Avalanche.
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