- BBVA Crypto in Switzerland now offers USDC stablecoin, enhancing its portfolio beyond Bitcoin and Ethereum
- USDC, managed by Circle, is fully backed by cash and ranks as the second-largest stablecoin by market cap
- This expansion underscores BBVA’s commitment to meeting growing client interest in digital assets
BBVA is making a major addition to its crypto services for its Swiss clients. Adding USDC into its offerings is another important step for BBVA Crypto towards staying at the edge of digital finance and addressing an ever-evolving set of customer needs and requirements in that field.
Spanish bank BBVA is furthering its progress with cryptocurrencies.
USDC Joins BBVA’s Swiss Crypto Offerings
In a press release today, the institution announced that customers in Switzerland can now access the USDC stablecoin as part of the bank’s crypto services.
The Swiss branch of BBVA launched a crypto trading service in 2021 through which users could trade Bitcoin and Ethereum and manage these digital assets alongside traditional investments, automatically converting them into any fiat currency, like euros or dollars.
But it wasn’t until three years later that the bank reiterated its commitment to cryptocurrencies by expanding its service. It’s adding Circle’s USDC stablecoin, pegged to the US dollar, to its trading offer.
With this addition, BBVA in Switzerland has positioned itself to revolutionize and open up new growth possibilities for its customers with USDC among its range of cryptocurrencies, building on its leading investment portfolio as both a traditional and crypto bank.
First launched in 2018, USDC is a Circle-operated stablecoin that is fully backed by cash and cash-equivalents. The token is redeemable 1:1 for US dollars and currently has a market cap of about USD $35 billion, making it the second most valuable stablecoin after USDT.
Circle said in July that it became the first such entity to be licensed under new European rules, which makes USDC the only token complying with the EU’s Crypto Assets Market Regulation, otherwise known as MiCA.
BBVA Conforms to Client Requirements
All this is quite timely, given the surging interest in cryptocurrencies worldwide and the growing pressure on traditional financial institutions to find ways to meet changing client requirements.
BBVA, in a statement, explained that its focus in Switzerland is an effort “to meet directly this demand, offering a solution adapted to the new financial needs of its wide customer base.”
Phillipe Meyer, BBVA Director in Switzerland, said: “At BBVA in Switzerland, we are committed to offering our clients novel solutions to improve their financial well-being. Along with USDC, we are pleased to bring to market a leading-edge product offering that breaks new ground from traditional banking services.“
Meanwhile, another high-profile Spanish bank, Santander, is also recently expanding into digital assets, with its branches in Switzerland and Brazil now offering Bitcoin and Ethereum trading services.
Conclusion
BBVA’s addition of USDC to its Swiss crypto services underlines the bank’s commitment to innovation and catering to market needs. As financial evolution through digital channels becomes more dynamic, BBVA Crypto stands at the forefront with its proactive outlook.
