BBVA Partners With Visa to Launch Euro Stablecoin by 2025
The post BBVA Partners With Visa to Launch Euro Stablecoin by 2025 appeared on BitcoinEthereumNews.com.
BBVA plans to launch a euro-based stablecoin in 2025, aiming to enhance secure digital transactions through Visa’s sandbox. The stablecoin will be used for settlement on tokenized asset exchanges, marking BBVA’s growing presence in blockchain technology. The second-biggest bank in Spain, BBVA, has revealed intentions to introduce their own stablecoins by 2025. The initiative is presently in Visa’s Sandbox testing stage, and the move is being undertaken in association with Visa. Stablecoins are meant to be included in the blockchain ecosystem as a means of safe and quick digital transaction solutions. Next year, before formally releasing the stablecoin, BBVA intends to begin live testing. 🚨 NEWS: @bbva, the second-largest bank in Spain, plans to launch a euro-backed stablecoin in 2025 in partnership with @Visa. pic.twitter.com/pLiyQLprHB — SolanaFloor (@SolanaFloor) October 3, 2024 Stablecoin Strategy Focuses on Euro and Tokenized Assets With an eye toward the European market, BBVA’s stablecoin is planned to be euro-based. BBVA has not yet decided, meanwhile, whether the asset would be supported by money market funds, fiat money reserves, or other financial instruments. Working with Visa allows BBVA not just to increase its digital capabilities but also to provide more contemporary and safe payment options, particularly to European customers. BBVA will handle the minting and burning of the stablecoin; it is meant to be utilized as a settlement layer for exchanges providing tokenized assets. Visa’s Strong Regulatory Standing Gives BBVA a Competitive Advantage in Europe Visa’s great reputation and excellent regulatory compliance were the key factors BBVA decided to collaborate with Visa instead of current stablecoin options. This lends BBVA a competitive edge, particularly in the European market where clear stablecoin rules have been established. By means of supporting rules, BBVA aims to establish the stablecoin as the main settlement instrument on the digital asset exchanges under…
Filed under: News - @ October 4, 2024 7:26 am