With the addition of USDC to its cryptocurrency range, BBVA in Switzerland is set to revolutionize and develop new growth potential for its customers, expanding its pioneering investment portfolio as a traditional bank and cryptobank.
In a rapidly evolving technology landscape, financial institutions are continually searching for new ways to meet the changing needs of their customers. BBVA's innovative approach in Switzerland responds to this demand directly, offering a solution tailored to the changing financial needs of its broad customer base, the majority residing in the areas where BBVA operates.
Since embarking on its blockchain venture, BBVA's Swiss franchise has established a strong portfolio in this ecosystem, developing its cryptocurrency custody and trading service. With the ability to make transactions with Bitcoin (BTC) and Ethereum (ETH) already in place, the bank has now added the stablecoin USDC. As a result, BBVA Switzerland's private and corporate banking customers, and customers with a New Gen account, will now be able to manage these digital assets side-by-side with other traditional investments and automatically convert them into euros, dollars, or any fiat currency.
Launched in 2018 by Circle, a global financial technology company, USDC is a stablecoin that has price parity with the US dollar and is powered by blockchain technology. It offers a reliable option for those seeking to maintain the value of their assets in the digital environment without experiencing the volatility of other cryptoassets. USDC is fully backed by highly liquid cash and cash equivalent assets and is 1:1 redeemable for US dollars. Operating natively on 16 blockchains, USDC supports fast and cost-effective transactions.
It is used extensively in decentralized finance (DeFi) and digital payments due to its liquidity and transparency. Of the top 10 stablecoins by market capitalization, USDC is the only one that currently complies with the Markets in Crypto-Assets Regulation (MiCA), the European Union's new comprehensive law governing cryptoassets. USDC reserves are held in regulated financial institutions with monthly certifications published by third parties.
With the incorporation of USDC, BBVA in Switzerland reasserts its commitment to delivering innovative and customer-centric solutions to remain a leading player in the adoption of blockchain technology, enabling customers to explore new business propositions and value exchange opportunities in a digital environment while operating with agility, efficiency and in accordance with the highest security requirements.
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The contents of this publication are for informational purposes only and constitute neither a solicitation, recommendation, nor an offer to buy or sell investment instruments, financial products or digital assets. Nor is it intended to promote or offer financial services or engage in any other transaction of that nature.
