According to a press release issued on September 9, BBVA’s institutional and private banking clients in Switzerland are now able to administer Circle’s stablecoin USD Coin USDC in conjunction with their traditional investments on the same platform.
The new feature enables clients to exchange, custody, and convert USDC into euros, U.S. dollars, or other currencies, thereby expediting the transaction process.
The press release states that the purpose of the inclusion of USDC is to enhance the efficacy of institutional clients, including investment fund managers, who utilize stablecoins to trade cryptocurrencies across a variety of exchanges.
Philippe Meyer, the head of digital solutions and blockchain at BBVA Switzerland, stated that institutional clients require “options to ensure the assets they manage.” He also stated that the bank will continue to assess client requirements in order to broaden its product line.
Nevertheless, it is uncertain whether BBVA supports USDC on all networks, including Coinbase’s Base layer-2 solution.
The bank’s decision is a result of its 2023 transition to Metaco’s Harmonize platform, a blockchain infrastructure provider that is owned by Ripple. The platform enables clients to establish connections to numerous blockchain networks, thereby facilitating more efficient transactions.
Garanti BBVA Digital Assets, BBVA’s subsidiary in Turkey, also offers the service. Clients have the option to trade other cryptocurrencies, such as Avalanche, Ethereum, and Bitcoin.
