Spain-based Banco Santander SA is preparing to take a major expansion step in the digital assets space.
The bank plans to offer cryptocurrency access to individual customers through its digital banking unit Openbank and develop stablecoin services in euros and dollars, the latest example of European banks’ growing interest in crypto assets.
According to sources familiar with the matter, the stablecoin plans are still in their early stages. Openbank has applied for a license to provide individual crypto services under the European Union’s new regulatory framework, MiCA (Markets in Crypto-Assets).
Options Santander is considering include developing its own stablecoin or offering access to an existing token. Dollar-based stablecoins are known to be increasingly popular in countries with weak local currencies, particularly in Latin America, where Santander has a strong presence.
The move follows similar developments in Europe, with major American banks also moving into the space, amid US President Donald Trump’s clear support for the sector and the advancement of stablecoin laws in the US.
Santander’s Spanish rival BBVA also announced last March that it would begin offering individual crypto services after receiving the necessary approvals from the country’s market regulators. BBVA already provides similar services to limited groups of customers in Switzerland and Türkiye, and is also testing a platform for creating and transferring bank tokens developed by Visa Inc.
*This is not investment advice.
