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Spain’s second-largest bank, BBVA, announced that its Swiss branch has expanded its cryptocurrency services to include USD Coin (USDC). According to an official statement from BBVA on September 9, corporate and private banking customers, as well as those with NewGen accounts, can now manage their USDC funds through the same platform they use for traditional investments.
Customers Can Directly Convert USDC to Fiat Currencies Like Euro and Dollar
The USDC integration allows BBVA Switzerland customers to convert their USDC stablecoins to Euros, US dollars, or other fiat currencies almost in real-time, store them directly at the bank, or convert them automatically. This offers greater flexibility and ease in managing both traditional assets and cryptocurrencies.
BBVA Switzerland’s decision to include USDC in its cryptocurrency service scope is a significant step towards bridging the gap between traditional finance and the rapidly adapting world of cryptocurrencies. This move reflects the increasing demand and interest among investors for stablecoins like USDC, which offer a less volatile alternative compared to other cryptocurrencies and are backed by fiat currencies.
Ultimately, BBVA Switzerland aims to attract a broader range of customers who wish to diversify their portfolios with both traditional and cryptocurrencies by ensuring seamless management of USDC on its platform.
The Second Largest Member of the Stablecoin Market
USD Coin, abbreviated as USDC and issued by Circle, is the sixth largest member of the cryptocurrency market with a market value of $35 billion at the time of writing. Moreover, USDC ranks second in the stablecoin market behind Tether’s USDT in terms of current market value.
According to recent figures, the stablecoin market continues to maintain its status as a significant branch of the cryptocurrency market. With a total market value of $170.8 billion, the stablecoin market continues to serve as a safe haven for the cryptocurrency market.
