Spanish multinational banking giant BBVA has started offering Circle’s USDC stablecoin for its high-profile clients via its Swiss arm.
BBVA’s institutional and private banking clients in Switzerland can now manage Circle’s stablecoin USD Coin (USDC) alongside traditional investments on the same platform, according to a Sept. 9 press release. The new feature allows clients to exchange, custody, and convert USDC into euros, U.S. dollars, or other currencies “thus completing the transactions more quickly.”
The addition of USDC aims to improve efficiency for institutional clients, such as investment fund managers, who use stablecoins to trade cryptocurrencies across various exchanges, the press release reads.
Philippe Meyer, BBVA Switzerland’s head of digital solutions and blockchain, noted that institutional clients “need us to provide options to guarantee the assets they manage,” adding that the bank will continue to analyze client needs to expand its offering. However, it is unclear whether BBVA supports USDC on all networks, including Coinbase’s Base layer-2 solution.
The bank’s move follows its 2023 migration to Metaco’s Harmonize platform, a blockchain infrastructure provider owned by Ripple. The platform allows clients to connect to multiple blockchain networks, enabling more streamlined transactions. The service is also available through BBVA’s subsidiary in Türkiye, Garanti BBVA Digital Assets, where clients can trade other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX).