BBVA expands crypto services with USDC integration

BBVA has incorporated USD Coin (CRYPTO:USDC), a stablecoin, into its digital asset services in Switzerland, expanding the range of options available to institutional clients.

This addition allows BBVA’s institutional and private banking customers in Switzerland to handle USDC alongside their traditional investments, facilitating more flexible and efficient transactions.

Clients can now exchange, store, or convert USDC into euros, dollars, or other currencies in near real-time.

The bank highlighted that this integration supports faster and more streamlined operations on cryptocurrency exchanges.

"Investment fund managers and other large companies often use stablecoins like USDC to carry out quicker cryptocurrency trades across various exchanges," BBVA noted.

Stablecoins are also used to reduce exposure to the price volatility of other cryptocurrencies, helping to maintain asset value during unstable market periods.

USDC, introduced in 2018 on the Ethereum (CRYPTO:ETH) blockchain by Circle and backed by Coinbase, is known for its relative price stability and quick transaction times.

It undergoes regular audits to comply with U.S. anti-fraud regulations, providing a stable option for institutional clients.

This step follows BBVA’s earlier incorporation of Bitcoin and Ether into its services, reflecting the bank’s intention to provide a wider range of digital asset options.

Philippe Meyer, BBVA’s Head of Digital Solutions and Blockchain, remarked on the integration: "Our institutional clients need options to manage the assets they oversee effectively. We will continue to assess the crypto assets they are involved with to develop our offerings with additional solutions."

By adding USDC, BBVA continues to adjust its digital asset services, allowing institutional clients to manage crypto transactions within a secure framework.

At press time, the USDC price was $1.00.