The USDC funds of BBVA's institutional and private banking clients in Switzerland can now be managed on the same platform as their regular investment portfolios. They have the ability to instantly swap, hold, or automatically convert USDC into dollars, euros, or any other currency.

The bank claims that by adding the stablecoin, its institutional clients would be able to protect their stablecoins in BBVA's vault and expedite their trading activities by using blockchain technology to transfer value more effectively.

The introduction of USDC not only expedites transactions but also offers a means of protecting against the volatility of other cryptocurrencies by turning assets into stablecoins that maintain value in the face of market swings.

After launching its digital asset service in Switzerland in 2021 with bitcoin and ether, BBVA has now added USDC as the third cryptocurrency. It moved its custody function to Metaco's Harmonize platform in 2023, which facilitates connections with other blockchain networks and speeds transactions.

The tokenized goods that our private clients are most interested in but are unable to obtain through traditional financial institutions should be made easily accessible to them. As for our institutional clients, they want choices from us to ensure the assets they oversee, says Philippe Meyer, BBVA Switzerland's head of digital solutions and blockchain. "We'll examine every cryptocurrency asset they're funding in order to keep developing our product and adding new, creative features."