Spanish bank BBVA said Monday that it expanded its crypto custody and trading services to include USD Coin (USDC)** for institutional and private banking clients in Switzerland. This update enables clients to trade, hold, or convert USDC into euros, dollars, or other currencies almost instantly.

The bank explained that investment fund managers and large corporations often use stablecoins like USDC to speed up transactions across cryptocurrency exchanges. For traders and investors, stablecoins are a haven from the volatility risk of other cryptocurrencies as they preserve their value during market fluctuations.

Why USDC?

USDC's primary advantage is its direct connection to the USD, which ensures its value remains stable, unlike the unpredictable nature of other cryptocurrencies.

This stability makes it a reliable store of value in the market. Also, through BBVA, Garanti BBVA Digital Assets offers a service in Türkiye that allows customers to trade, store, and transfer USDC. Further, clients can trade Bitcoin, Ether, and AVAX and securely store their Chiliz holdings.

BBVA Adds USDC to Bitcoin and Ether Lineup

BBVA said that USDC is the third crypto added to its digital asset services in Switzerland. The bank introduced the service in 2021 with Bitcoin and Ether, which were in high demand among investors. Later, by the end of 2023, BBVA shifted its custody operations to Metaco's Harmonize platform.

"We want to offer our private clients simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions," said Philippe Meyer, Digital Solutions and Blockchain Head at BBVA in Switzerland.

Switzerland's Blockchain-Friendly Policies Drive Investments and Innovation

Switzerland has developed a regulatory framework that fosters blockchain and crypto businesses. Its strategy led to the creation of the Distributed Ledger Technology (DLT) Act, allowing the tokenization of securities and rights, making their trading on blockchain networks more efficient.

Additionally, Switzerland has attracted significant investments in the crypto and blockchain industries. Cities like Zug, known as "Crypto Valley," is a web3 hub hosting several blockchain startups, foundations, and companies.

This supportive environment strengthens Switzerland's reputation for being crypto-friendly with a robust infrastructure.