BBVA Partners with Visa to Launch Innovative Stablecoin Initiative

As per recent reports from COINOTAG, the Spanish financial giant BBVA is preparing to collaborate with Visa to launch a stablecoin initiative expected to commence next year. Francisco Maroto, who leads the digital assets and blockchain efforts at BBVA, disclosed that the bank is engaged in Visa’s groundbreaking sandbox initiative. This program is designed to support firms in developing their own tokenized assets. Maroto outlined aspirations to progress to the prototype phase, with the ambition of operational deployment by 2025. However, a decision is still pending on whether the stablecoin will be anchored by deposits, money market instruments, or fiat currencies such as the euro or the US dollar. Additionally, Maroto indicated that the stablecoin’s primary purpose will be to enhance the settlement layer within BBVA’s exchange platform. This venture represents a pivotal step in BBVA’s strategic expansion into digital finance.