Banco Bilbao Vizcaya Argentaria or BBVA, a leading Spanish multinational banking group, has further opened up its crypto services in Switzerland by listing USDC. This is a major achievement for the bank since it seeks to expand its operations in the crypto industry, which it had ventured into early this year 2021.
The adoption of USDC strengthens BBVA’s standing in the Swiss crypto market by giving clients a more reliable form of value-transfer solution for performing their cryptocurrency operations.
BBVA Increases Crypto Services in Switzerland
Switzerland has been one of the most popular markets for crypto firms where BBVA, thus, commenced its digital asset service in 2021. This enabled the client to purchase, sell and store bitcoins and ethereum using their banks. Switzerland was selected to host this service because of its advanced legal environment in the field of digital assets and the presence of the country in the list of the main members of the international financial center.
Now, by bringing USD Coin (USDC) into its offering, a stablecoin that is pegged to the US dollar, BBVA is taking further steps in its foray intoSingapore Bans Crypto Casinos to Combat Money Laundering. Relative to the other cryptocurrencies, USDC has been widely preferred due to its stability. This addition enables customers to perform crypto transactions with more confidence with the understanding that USDC has a stable value.
USDC: An Emerging Stablecoin in the Financial Sector
Like all forms of digital currency, USDC is a stablecoin, which means that it is backed by a more conventional form of currency – the United States Dollar. To every $USDC there is an equivalent amount of $US held in the reserve thereby making the price of $USDC very stable.
This characteristic makes USDC a desirable asset among the businesspeople and individuals willing to venture into the cryptocurrencies without taking high risks likely to be encountered when dealing in other popular cryptocurrencies whose values may rapidly rise or fall in the market.
Over the last couple of years, USDC has received significant popularity and has been widely regarded as one of the leading stablecoins. This is backed by Circle – the global financial technology firm and is integrated into multiple platforms and exchanges. This type of stablecoin is more famous within DeFi applications for lending, borrowing, and trading.
Preparing for the Future of Digital Assets
BBVA’s inclusion of USDC to its list of crypto asset services has the institution place it among the adopting strategy to an emerging market of digital assets. The decision is quite logical to meet the demand for the banking client’s desire to combine both traditional and digital assets services.
In many ways, BBVA has always been a pioneer in the financial revolution, and venturing into the crypto market shows how the company embraces change to meet the clients’ requirements. USDC integration is not the only effort that the bank has made towards the offering of digital assets products and services.
As for the future trends, following the example of BBVA and enabling the use of stablecoins such as USDC, more and more large financial companies will escalate the adoption of digital assets. By the time more and more banks experiment with cryptocurrencies and blockchain which is the underlying technology of any cryptocurrency and which is rapidly evolving nowadays, stablecoins are expected to play an awesome role as the bridge between the fiat and digital world.
