Swiss branch of BBVA bank brings USDC for institutional clients

Spanish multinational banking giant BBVA has begun offering Circle’s USDC stablecoin to high-profile clients through its Swiss arm.

BBVA’s corporate and private banking clients in Switzerland will now be able to manage Circle’s stablecoin USD Coin (USDC) on the same platform as traditional investments, according to a press release dated September 9. The new feature allows clients to exchange, store and convert USDC into euros, US dollars or other currencies “so transactions can be completed faster.”

The press release stated that the addition of USDC aims to increase efficiency for institutional clients such as investment fund managers who use stablecoins to trade cryptocurrencies on various exchanges.

Philippe Meyer, head of digital solutions and blockchain at BBVA Switzerland, said institutional clients “need us to offer options to secure the assets they manage,” adding that the bank will continue to analyze client needs to expand its offering. However, it is unclear whether BBVA will support USDC on all networks, including Coinbase’s Base layer-2 solution.

The move follows the bank’s move to the Harmonize platform from Metaco, a blockchain infrastructure provider owned by Ripple, in 2023. The platform allows customers to connect to multiple blockchain networks, enabling smoother transactions. The service is also offered through BBVA’s Turkish subsidiary Garanti BBVA Digital Assets, where customers can trade other cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Avalanche (AVAX).