PANews reported on October 3 that according to Fortune, Spanish bank BBVA plans to launch a stablecoin business in cooperation with Visa next year. Francisco Maroto, head of digital assets and blockchain at BBVA, said that the bank is currently in the sandbox stage of Visa's new program, which aims to help companies launch their own tokenized assets and hopes to enter the prototype stage and be put into actual operation by 2025. In addition, BBVA has not yet decided whether the stablecoin will be backed by deposits, money market funds or fiat currencies such as the euro or US dollar, and the company plans to use it for the settlement layer of the exchange.
