BBVA plans Visa-backed stablecoin launch in 2025

BBVA plans to launch its own stablecoin in 2025 through a Visa program, with the Spanish bank aiming to reach prototype phase and live activity by then. Head of digital assets and blockchain Francisco Maroto told Fortune that the bank is currently in the sandbox phase of the Visa program, which helps firms launch tokenized assets. Maroto said BBVA has not decided whether the stablecoin will be backed by deposits, money market funds, or fiat currencies, and that it will likely be built around the euro and used for settlement on exchanges. He said BBVA chose Visa for its brand and regulatory compliance, and that the U.S. is not on its short-term horizon.