One of the largest financial groups in Spain, Banco Santander, is actively considering the launch of its own stablecoin and the expansion of cryptocurrency services through its digital subsidiary Openbank. To this end, the company has already applied for a license under the new European MiCA regulation, which opens the door for retail crypto services in EU countries.
This is reported by Finway
Strategies and Focus on Stablecoins
According to sources close to the company, Santander is currently considering two key approaches: launching its own stablecoin or integrating an existing token into the bank’s ecosystem. Special attention is being paid to digital assets pegged to the US dollar, as these instruments are in high demand among clients from Latin America, where Santander has a significant customer base.
Interest in stablecoins is steadily growing among traders and ordinary users who actively use these digital currencies for cross-border transfers and payments. Analysts emphasize that in light of the MiCA regulation, European banks are compelled to accelerate the adoption of digital assets, as the stablecoin market has already surpassed a capitalization of $250 billion.
Competition Among Banks and Innovations
In the United States, banks are also negotiating the creation of joint tokens, and recently the cryptocurrency USD1, linked to the Trump family, entered the market. In the European Union, Santander faces competition from the Spanish bank BBVA, which has obtained a license to operate with cryptocurrencies and is testing a platform from Visa. At the same time, giants like Societe Generale and Deutsche Bank are developing their own euro-denominated stablecoins for payments and trading operations.
Banco Santander has long been investing in the development of blockchain technologies. In particular, the bank supported the startup Ripple, participated in the launch of the Fnality platform, and conducted testing of bond tokenization. Now, the financial institution is preparing to offer new crypto services to a wide range of clients.
According to one person close to the company, two strategic options are being considered. The first is the issuance of its own stablecoin, and the second is the integration of an existing token. The company is particularly interested in digital assets pegged to the dollar, which, according to Santander, are in demand among clients from Latin America, where the bank has a broad base.
Given the activation of the banking sector in Europe and the United States, the launch of a stablecoin by Santander could be another step in implementing innovations in the global financial market as early as 2025.