Spain's second-largest bank BBVA plans to launch a Visa-supported stablecoin in 2025

ChainCatcher news, Spanish bank BBVA plans to launch a stablecoin business in collaboration with Visa next year. BBVA's head of digital assets and blockchain, Francisco Maroto, stated that the bank is currently in the sandbox phase of Visa's new program, which aims to help businesses launch their own tokenized assets, and hopes to enter the prototype stage and begin actual operations by 2025.

Francisco Maroto also mentioned that BBVA has not yet decided whether the stablecoin will be backed by deposits, money market funds, or fiat currencies such as euros or dollars, adding that the company plans to use it for the settlement layer of exchanges.