The cryptocurrency custody and trading services offered by the bank are being expanded to include USD Coin (USDC), a prominent stablecoin whose value is fixed in relation to the value of the United States dollar. This feature will make it possible for BBVA's institutional customers to expedite their trading activities by allowing them to transfer value using blockchain technology in a more efficient manner and to store their stablecoins in BBVA's vault.

Clients of BBVA's institutional and private banking operations in Switzerland, as well as those who have a NewGen account, are now able to manage their USDC funds on the same platform that they use to manage their conventional investments. They have the ability to swap, custody, or automatically convert USDC into euros, dollars, or any other currency in a time frame that is very close to real time.

BBVA's institutional customers are also able to handle their activities on cryptocurrency exchanges in a more effective and expedient manner as a result of this merger. Stablecoins, like as USDC, are often used by investment fund managers and other major corporations in order to expedite the completion of transactions. Additionally, they provide a method to protect oneself from the volatility of other cryptocurrencies by changing assets into stablecoins, which allows one to maintain value even when the market is fluctuating rapidly.

USDC is a stablecoin that was introduced in 2018 by Circle, a worldwide financial technology firm. It is powered by blockchain technology and has a price that is equivalent to that of the United States dollar. It offers a dependable choice for those who are interested in preserving the value of their assets in the digital realm without being subject to the volatility that is associated with other crypto-assets. The United States Dollar Coin (USDC) is entirely backed by extremely liquid cash and cash-equivalent assets, and it may be redeemed for one dollar and one cent. The USDC allows transactions that are both quick and cost-effective. Because of its liquidity and transparency, it is becoming more popular in the realm of decentralized finance (DeFi) and digital payments. Among the top ten stablecoins based on market capitalization, USDC is the only one that is presently in compliance with the Markets in Crypto-Assets Regulation, also known as MiCA. MiCA is a new comprehensive rule that governs crypto assets and was introduced by the European Union. The reserves of the USDC are kept in authorized financial institutions that have monthly attestations provided by a third party.

BBVA has introduced this cryptocurrency to its digital asset service in Switzerland, making it the third cryptocurrency it has added. Over the course of a few months in 2021, it introduced the service with bitcoin and ether, which were the two most popular cryptocurrencies in terms of market volume and use, as well as the most sought after by investors. Late in the year 2023, it moved its custody capabilities to the Harmonize platform offered by Metaco. This platform simplifies transactions, adheres to the greatest security requirements, and enables connections with other blockchain networks.

Because of this, the bank is working to establish a robust product that is a pioneer among the main European banks. This offering will enable the bank's customers to investigate new possibilities to exchange value in the digital world.

The tokenized goods that our private customers are most interested in but are unable to get via conventional financial institutions are something that we would want to make available to them in a straightforward manner. Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland, says that in the meantime, our institutional customers want us to provide them other choices to guarantee the assets that they manage. As part of our efforts to continue developing our service with further new solutions, we will do an analysis of all the crypto assets in which they are investing.

Additionally, USDC may be obtained via the cryptocurrency trading, custody, and transfer service that the bank provides in Turkey through the Garanti BBVA Digital Assets platform. They also have the ability to custody their Chiliz assets and trade other cryptocurrencies such as Bitcoin, Ether, and AVAX.

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