We realized that blockchain could transform the way we exchange value digitally, and consequently affect the way the financial system works, said Maroto.
Stablecoins constitute a broad category in the crypto space, describing any asset intended to maintain a specific price and backed by reserves such as fiat currencies, commodities, or even other cryptocurrencies.
While the sector has existed for a decade, dollar-backed stablecoins such as USDC and Tether have exploded in popularity over the past few years.
BBVA plans for its stablecoin to be used for the settlement layer on exchanges, though it hasn't yet decided how it will be backed.
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