According to Fortune, Spanish bank BBVA is actively entering the field of digital currency and plans to work with Visa to launch a stable currency in 2025. According to internal news, BBVA is working on a cooperation project with Visa, currently in the sandbox stage, to help financial institutions issue stable coins. BBVA aims to develop a stablecoin prototype in 2025 and have it operational in the same year.
BBVA stated that it may launch a euro stablecoin in the future, but it has not yet decided whether its stablecoin will be backed by deposits, money market funds or legal tender, and used for the settlement layer of asset tokenization exchanges, such as real estate and private credit funds. Tokenized asset trading market.
(Visa provides bank stablecoin issuance services to connect with the future tokenized asset market)
Visa’s new stablecoin plan to enhance interoperability between multiple chains
Visa’s recently launched new plan aims to allow financial institutions to issue their own stablecoins backed by legal currency. Different banks can decide how to use these stablecoins according to their own needs, which has aroused the interest of BBVA.
Visa calls these stablecoins “fiat-backed tokens.” These stablecoins can only operate within banks at first, but Visa’s long-term goal is to enable these stablecoins to increase interoperability between different institutions and enhance A universal stablecoin that operates across multiple chains.
With geographical advantages, BBV may push the euro stable currency
BBVA stated that the choice of Visa over existing stablecoin solutions was based on Visa’s advantages in compliance and brand stability. As the first to try this new project, BBVA has the advantage of operating in Europe. In the future, it may use the euro as support to establish stable coins. It further stated that stable coins can be used for settlement on exchanges that provide tokenized assets. BBVA will be responsible for redemption and destruction. Europe has just begun to regulate stablecoins, which allows BBVA to adapt to relevant regulations faster.
When asked about the current business scope and future expansion plans of BBVA in the future, it was only revealed that they will not expand their business to the United States in the short term. They now provide custody of Bitcoin, Ethereum and USDC for private banks and institutional clients in Switzerland. and trading services, and also plans to expand to Turkey in the future.
This article BBVA and Visa will jointly launch a euro stablecoin next year, which will be used for asset-based token market settlement. First appeared on Chain News ABMedia.
