As an analyst with extensive experience in the financial industry, I find BBVA’s move to offer Circle’s USDC stablecoin for its high-profile clients via its Swiss arm as a strategic and forward-thinking decision. Having witnessed the rapid growth and adoption of cryptocurrencies and blockchain technology, it is clear that traditional banking institutions are recognizing the potential benefits these technologies can bring to their clients.
Global banking titan BBVA, based in Spain, is now providing Circle’s USDC stablecoin to its prestigious customers through its Swiss subsidiary.
Starting now, banking clients of BBVA in Switzerland can handle Circle’s stablecoin USD Coin (USDC) along with their traditional investments using a single platform, as announced on September 9. This new functionality enables clients to exchange, securely hold, and convert USDC into euros, U.S. dollars, or other currencies, thereby streamlining transactions by completing them more promptly.
Adding USDC is intended to enhance the efficiency for institutional clients, like investment fund managers, when they’re trading cryptocurrencies using stablecoins across multiple platforms, according to the press statement.
Philippe Meyer, head of digital solutions and blockchain at BBVA Switzerland, stated that institutional clients require options from the bank to secure the assets they oversee. He also mentioned that BBVA will continue evaluating client demands to broaden their service offerings. Yet, it remains uncertain whether BBVA endorses USDC across all networks, such as Coinbase’s Base layer-2 solution.
As a researcher, I’ve observed that my institution has taken the step to align with its shift to Metaco’s Harmonize platform in 2023. This platform, a blockchain infrastructure solution owned by Ripple, empowers us to connect seamlessly to numerous blockchain networks, thereby enhancing our transactional efficiency. Notably, this service is accessible through our subsidiary in Turkey, Garanti BBVA Digital Assets, where clients are also offered the opportunity to trade various digital currencies such as Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX).
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2024-09-09 10:12