BBVA announced it is expanding its cryptocurrency custody and trading services to include USD Coin (USDC). This addition will benefit the bank’s institutional and individual account holders in Switzerland.
According to an announcement on BBVA’s website, the expansion will allow its banking clients to transfer value more efficiently with blockchain and secure their stablecoins into BBVA’s vault. Additionally, BBVA’s Swiss institutional and private banking clients, as well as holders of NewGen accounts, can now manage their USDC funds and traditional investments on the same platform. These customers can exchange, custody, or automatically convert USDC in near real-time into euros, dollars, or any other currency.
According to the press release, USDC—backed by liquid cash and cash-equivalent assets—is a stablecoin with price parity to the U.S. dollar. Powered by blockchain technology, the stablecoin has less volatility compared to other crypto-assets. USDC is redeemable at 1:1 for U.S. dollars.
This is the third cryptocurrency that BBVA has added to its digital asset service in Switzerland. “We want to offer our private clients simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland, said in the press release. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions,” Meyer said.
