BBVA Expands Crypto Asset Services in Switzerland by Adding USDC Stablecoin
BBVA has officially integrated USDC, one of the most prominent stablecoins, into its crypto asset services for institutional and private banking clients in Switzerland. This enhancement allows clients, including those with a NewGen account, to manage their USDC holdings alongside their traditional investments on a unified platform. Users can exchange, custody, or convert USDC into euros, dollars, or other currencies in near real-time, streamlining their financial operations.
The inclusion of USDC significantly benefits BBVA’s institutional clients by enabling them to conduct transactions on cryptocurrency exchanges more efficiently and swiftly. Investment fund managers and large corporations frequently utilize stablecoins like USDC to facilitate quicker trades across various crypto exchanges, thus enhancing transaction speed. Additionally, stablecoins serve as a hedge against the volatility of other cryptocurrencies, allowing users to convert assets into stablecoins to maintain value during market fluctuations.
Launched in 2018 on the Ethereum blockchain and issued by Circle with support from Coinbase, USDC aims to provide price stability within the crypto space while enabling faster and cost-effective transactions. Each USDC unit is audited to ensure it is backed by an equivalent amount in fiat currency, complying with US currency transmission and anti-fraud regulations.
This marks the third cryptocurrency that BBVA has incorporated into its digital asset service in Switzerland. The bank initially launched its service in 2021 with Bitcoin and Ether, the two largest cryptocurrencies by market volume and demand. In late 2023, BBVA transitioned its custody capabilities to Metaco's Harmonize platform, which enhances transaction efficiency, adheres to top security standards, and facilitates connections with other blockchain networks.
By expanding its offerings, BBVA is positioning itself as a pioneer among major European banks, providing clients with new opportunities to exchange value in the digital landscape. Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA Switzerland, stated, "We aim to provide our private clients with simple access to the tokenized products they are most interested in but cannot obtain through traditional financial institutions. At the same time, our institutional clients require options to secure the assets they manage. We will continue to analyze all the crypto assets they invest in to enhance our offerings with innovative solutions."
Additionally, USDC is available through the crypto asset trading, custody, and transfer services offered by Garanti BBVA Digital Assets in Türkiye, where customers can also trade Bitcoin, Ether, and AVAX, as well as custody their Chiliz funds.