- Managing USDC Through BBVA's Platform
- Converting USDC to Fiat Currencies
- Stablecoin Market and USDC's Position
Spain’s second-largest bank, BBVA, announced that its Swiss branch has expanded its cryptocurrency services to include USD Coin (USDC).
Managing USDC Through BBVA's Platform
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.
Converting USDC to Fiat Currencies
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.
Stablecoin Market and USDC's Position
USD Coin, issued by Circle, is the second-largest stablecoin in the market, only behind Tether (USDT), with a market value of $35 billion at the time of writing. The stablecoin market continues to be a significant part of the cryptocurrency market, with a total market value of $170.8 billion, serving as a safe haven for cryptocurrency assets.
BBVA Switzerland's move to expand its cryptocurrency services to include USDC reflects the growing interest in stablecoins and the bank's goal to offer more opportunities for clients to diversify their portfolios.
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