Stablecoin

Ethereum

Bank

2024

<h4><strong>A stablecoin is a type of digital money that is designed to keep its value steady. It is often tied to traditional currencies like the euro or the U.S. dollar. </strong></h4> 
<p>With help from Visa, BBVA plans to launch its stablecoin next year. It aims to join the ranks of other financial giants in this crowded field.</p> 
<h5><strong>Spanish Bank Aims to Enter Digital Asset Market by 2025</strong></h5> 
<p>In an interview with <a href="https://fortune.com/crypto/2024/10/03/bbva-plans-to-launch-stablecoin-in-2025-with-support-from-visa/" target="_blank" rel="noopener">Fortune</a>, Francisco Maroto, the head of digital assets and blockchain at BBVA, shared that the bank is currently in the sandbox phase of a new Visa program. This means they are testing their stablecoin idea to make sure it works well before officially launching it. Maroto hopes to reach a prototype phase and begin live activities by 2025. It’s like preparing a recipe; they want to get everything just right before serving it up!</p> 
<p><a href="https://www.bbva.es/personas.html" target="_blank" rel="noopener">BBVA</a> hasn’t decided yet how their stablecoin will be backed. It could be tied to bank deposits, money market funds, or even fiat currencies. They are regular currencies like the euro or dollar. Also, Maroto mentioned that they plan for the stablecoin to be used as a settlement layer on exchanges. This means that it will help facilitate transactions between buyers and sellers.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">NEW: Visa is tokenizing assets on Ethereum</p> 
 <p>The largest payments company in the world just announced their tokenization platform.</p> 
 <p>BBVA, the 2nd biggest bank in Spain, with over €750 BILLION in assets, will use it to launch a stablecoin next year.</p> 
 <p>The institutions are here. <a href="https://t.co/Yh2w5ULre4">pic.twitter.com/Yh2w5ULre4</a></p> 
 <p>— RWA.xyz (@RWA_xyz) <a href="https://twitter.com/RWA_xyz/status/1841881499504910431?ref_src=twsrc%5Etfw">October 3, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>BBVA has been working in the digital asset space since 2014, which shows they’ve been ahead of the curve. Maroto believes this new project will allow the bank to take advantage of the growing trend of <a href="https://www.altcoinbuzz.io/?s=tokenization" target="_blank" rel="noopener">tokenization</a>—the process of turning real-world assets like real estate and private credit funds into digital tokens.</p> 
<p>He remarked, “We realized that blockchain could transform the way we exchange value digitally and, consequently, affect the way the financial system works.” This means that by using blockchain technology, they can change how money is handled, making it more efficient and secure.</p> 
<h5><strong>More About Visa &amp; Tokenization</strong></h5> 
<p>Visa has just launched the Visa Tokenized Asset Platform (VTAP). VTAP aims to provide a seamless experience for financial institutions looking to integrate digital assets into their services. By using this platform, banks can tokenize traditional currencies, which means they can convert them into digital tokens that retain the same value.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">A new era of tokenization is here. The Visa Tokenized Asset Platform (VTAP) is designed to help banks bring fiat currencies onchain in a safe, seamless, and efficient manner. Learn more: <a href="https://t.co/1acDBENxV8">https://t.co/1acDBENxV8</a> <a href="https://t.co/WuHmPLc9xr">pic.twitter.com/WuHmPLc9xr</a></p> 
 <p>— VisaNews (@VisaNews) <a href="https://twitter.com/VisaNews/status/1841860895221125141?ref_src=twsrc%5Etfw">October 3, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>This process opens up new possibilities for transactions and enhances the overall efficiency of the financial system, making it easier for customers to use their money in innovative ways.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/bbva-to-launch-stablecoin-with-visa-support/">BBVA to Launch Stablecoin with Visa Support</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

BBVA to Launch Stablecoin with Visa Support

Altcoin Buzz

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