According to Fortune, Spanish banking giant BBVA plans to work with Visa to launch its own stablecoin in 2025. It is currently in the sandbox stage of Visa's new project, with the goal of entering the prototype and actual operation stage next year. BBVA has not yet decided whether the stablecoin will be backed by deposits, money market funds or fiat currencies such as the euro or the US dollar, but plans to use it for the settlement layer of the exchange.