In a significant step for the financial sector, BBVA has announced that its institutional and private banking clients in Switzerland can now manage Circle’s stablecoin, USD Coin (USDC), alongside traditional investments. This move, revealed in a press release on September 9, introduces a new level of convenience and efficiency for clients looking to navigate the increasingly complex world of digital finance.
The integration of USDC into BBVA’s platform allows clients to exchange, custody, and convert the stablecoin into euros, U.S. dollars, or other currencies. This enhancement is designed to streamline transactions, providing a faster and more flexible financial experience. According to Philippe Meyer, BBVA Switzerland’s head of digital solutions and blockchain, this addition is particularly beneficial for institutional clients such as investment fund managers who rely on stablecoins for trading cryptocurrencies across various exchanges.
Meyer emphasized that the move reflects BBVA’s commitment to addressing the evolving needs of its clients. “Institutional clients need us to provide options to guarantee the assets they manage,” he said. Meyer also hinted at future expansions, noting that the bank is actively analyzing client requirements to enhance its offerings further. However, it remains to be seen whether BBVA will support USDC on all networks, including Coinbase’s Base layer-2 solution.
This latest development follows BBVA’s 2023 migration to Metaco’s Harmonize platform, a blockchain infrastructure provider owned by Ripple. The Harmonize platform facilitates connections to multiple blockchain networks, enabling more efficient and streamlined transactions. BBVA’s commitment to integrating blockchain technology aligns with its broader strategy of enhancing digital financial services.
In addition to Switzerland, this service is available through BBVA’s Turkish subsidiary, Garanti BBVA Digital Assets. Clients in Türkiye can also trade other cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Avalanche (AVAX), reflecting BBVA’s broader strategy of integrating digital assets into traditional financial services.
BBVA’s move to incorporate USDC represents a notable shift in the banking sector’s approach to cryptocurrency, highlighting the growing acceptance of digital assets in mainstream financial operations. As the bank continues to adapt to the evolving digital landscape, it will be interesting to see how this integration impacts both institutional and private banking clients in Switzerland and beyond.
Welcome to the US Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see why Standard Chartered thinks XRP could soon leapfrog Ethereum, how Tether’s institutional pivot might reshape the stablecoin market, and how players like BlackRock, Galaxy Digital, and the Federal Reserve could shape crypto’s next chapter.
Standard Chartered says XRP Set to Outperform, Could Overtake Ethereum by 2028
As global trade tensions intensify, Standard Chartered sees a silver lining for crypto investors, urging them to focus on long-term winners poised to benefit from the disruption.
“Tariff noise creates the opportunity to look for long-term value/pick winners in Digital Assets for the next leg higher. Today we add XRP to that list of winners (BTC and AVAX other identified winners, ETH identified loser). XRP’s core use is as a cross-border and cross-currency payments platform. That part of Digital Assets is undergoing a shift higher in volumes, something we see continuing. By the end of 2028 we see XRP’s market cap overtaking Ethereum’s. That will make XRP the second largest (non-stablecoin) Digital Asset at that time. Keep looking for winners and HODLing those you already own”, Geoff Kendrick, Standard Chartered’s Head of Digital Asset Research, in an email to BeInCrypto.
Kendrick also pointed to Bitcoin’s resilience as a signal of what’s to come for the broader crypto market.
“Tariff mess will be over soon, and Bitcoin’s solid performance during the noise tells us a leg higher for the asset class will follow” he said.
He also points out important points about the recent performance of XRP:
“XRP price rose 6x in the two months following Trump’s election victory, the strongest performance among the top 15 digital assets by market cap. This reflected market expectations that the SEC would drop its appeal of a court ruling concerning Ripple, as well as the potential for XRP ETFs to be approved under new SEC leadership.”
But Kendrick believes the fundamentals — not just politics — are driving XRP’s momentum.
“We think these gains are sustainable, not just because of recent leadership changes at the SEC but also because XRP is uniquely positioned at the heart of one of the fastest-growing uses for digital assets – facilitation of cross-border and cross-currency payments. In this way, XRPL is similar to the main use case for stablecoins such as Tether: blockchain-enabled financial transactions that have traditionally been done through traditional financial (TradFi) institutions. This stablecoin use has grown 50% annually over the past two years, and we expect stablecoin transactions to increase 10x over the next four years. We think this bodes well for XRPL’s throughput growth, given the similar use cases for stablecoins and XRPL.”
Tether’s Big Play: Institutional-Grade Stablecoin Targets US Market
Charles Wayn, co-founder of decentralized Web3 super-app Galxe, told BeInCrypto that:
“The news that Tether is planning to launch an institutional-grade stablecoin for the US market is fantastic for the crypto industry. Tether pioneered stablecoins with its first launch over a decade ago in 2014, and its flagship product — USDT — is now the third largest cryptocurrency in the world. Unlike its rival, USDC, USDT has never been formally audited, leading to frequent questions over its balance sheet. Nonetheless, it remains the industry’s favored stablecoin, shown by its market cap of over $144 billion, which is well over double the size of USDC’s $60 billion.”
Wayn believes this move, along with Tether’s push for transparency, positions the company as a future leader in institutional crypto adoption.
“As such, this move, combined with other recent news that Tether is seeking a full audit from a Big Four accounting firm, shows that the company is not only willing to be compliant but also be a leader in institutional adoption. While USDT sadly did not pass the EU’s directive on stablecoins under MiCA, this new product will likely be designed to pass new legislation coming from the US.”
He adds that institutional momentum — fueled by players like BlackRock — reinforces why now is a pivotal moment for stablecoins and broader market stability.
“As such, there is little doubt that USDT will work hard to launch its new product in good time. As we see huge institutions like BlackRock further entering the market with another $66 million purchase of Bitcoin last week, along with the rapid growth of its RWA BUIDL fund, institutional adoption is now taking off rapidly.”
Crypto Chart of the Day
Total Stablecoin Market Cap and BTC Price. Source: Coinglass.
Stablecoins total market cap is currently close to its all-time highs, above $210 billion.
Byte-Sized Alpha
– Analysts warn that a return to Quantitative Easing in 2025 could ignite a massive crypto rally, potentially pushing Bitcoin toward $1 million and sparking a surge in altcoins.
– Zero inflows into Bitcoin ETFs and declining futures interest hint at fading investor confidence, though rising put contracts and positive funding rates point to cautious optimism.
– Galaxy Digital secures SEC approval to reorganize and move toward a May 2025 Nasdaq listing, signaling renewed confidence in crypto amid improving US policy support.
– Binance Research shows that during tariffs, RWA tokens outperform Bitcoin, as rising macro pressures weaken BTC’s role as a diversification asset.
– MicroStrategy’s pause in Bitcoin buying last week, amid $5.91 billion in unrealized losses, signals growing caution and raises questions about liquidity, debt, and broader institutional confidence.
The US Securities and Exchange Commission (SEC) has charged Ramil Palafox, a dual US-Philippine national, with orchestrating a $198 million crypto scam.
From January 2020 to October 2021, Palafox ran a Ponzi-style scheme through his company, PGI Global, defrauding many investors.
SEC Cracks Down on Massive Crypto Scam
According to the press release, the regulator claims that Palafox raised about $198 million from investors globally. He promised them substantial returns from crypto and foreign exchange trading.
“As alleged in our complaint, Palafox attracted investors with the allure of guaranteed profits from sophisticated crypto asset and foreign exchange trading, but instead of trading, Palafox bought himself and his family cars, watches, and homes using millions of dollars of investor funds,” Associate Director of the SEC’s Philadelphia Regional Office Scott Thompson stated.
Furthermore, the company operated with a multi-level marketing (MLM) structure. Palafox attracted investors by claiming expertise in the crypto sector and offering an artificial intelligence (AI)-driven trading platform. Yet, both of these claims provedto be fraudulent.
The scheme eventually collapsed in 2021, resulting in significant financial losses for investors.
“The SEC’s complaint, filed in the US District Court for the Eastern District of Virginia, charges Palafox with violating the anti-fraud and registration provisions of the federal securities laws,” the press release detailed.
The SEC demands that Palafox return ill-gotten gains and pay civil penalties. The regulator has also asked for a permanent injunction to prevent Palafox from engaging in similar activities in the future. Additionally, the US Attorney’s Office has filed criminal charges.
Iranian National Charged for Running Dark Web Marketplace
Meanwhile, in a separate case, a federal jury indicted Iranian national Behrouz Parsarad for founding and operating a dark web marketplace. According to the US Office of Public Affairs, the Nemesis market facilitated the illegal sale of drugs, including fentanyl and other controlled substances. The marketplace was also involved in criminal activities like stealing financial data and distributing malware.
