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BBVA Switzerland Starts Offering Circle's USDC Stablecoin to High-Profile Clients

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Sep 09, 2024 pm 06:39 PM

USDC Institutional ClientsBBVA Swiss branch

The addition of USDC aims to improve efficiency for institutional clients, such as investment fund managers, who use stablecoins to trade cryptocurrencies

BBVA Switzerland Starts Offering Circle's USDC Stablecoin to High-Profile Clients

Spanish banking behemoth BBVA has begun offering Circle’s USDC stablecoin to its high-net-worth clients through its Swiss division.

As stated in a Sept. 9 press release, BBVA's private and institutional banking clients in Switzerland can now manage Circle's stablecoin USD Coin (USDC) on the same platform as their traditional investments. According to the announcement, the new integration enables clients to exchange,保管, and convert USDC into euros, U.S. dollars, or other currencies “thus completing the transactions more quickly.”

The integration of USDC is intended to enhance efficiency for institutional clients, such as investment fund managers, who utilize stablecoins to trade cryptocurrencies across multiple exchanges, according to the press release.

Philippe Meyer, head of digital solutions and blockchain at BBVA Switzerland, noted that institutional clients “need us to provide options to guarantee the assets they manage,” adding that the bank will continue to analyze client needs to expand its offering. It remains unclear whether BBVA supports USDC on all networks, including Coinbase's Base layer-2 solution.

The addition of USDC to BBVA's services follows its 2023 migration to Metaco's Harmonize platform, a blockchain infrastructure provider owned by Ripple. The platform enables clients to connect to multiple blockchain networks, facilitating more streamlined transactions. The service is also available through BBVA's subsidiary in Türkiye, Garanti BBVA Digital Assets, where clients can trade other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX).

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