Alerts Sign-up
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.
