Santander Explores Stablecoin and Crypto Services Through Digital Bank Openbank
Banco Santander SA is exploring a deeper move into digital assets, including preliminary plans to launch a stablecoin and provide cryptocurrency access to retail clients through its digital banking arm, Openbank. The initiative reflects a growing trend among European banks to embrace crypto innovation following the rollout of new EU regulations.
According to people familiar with the matter, Santander’s stablecoin plans are still in early development. Openbank has already applied for licenses to offer crypto services to retail customers under the European Union’s Markets in Crypto-Assets (MiCA) framework, one person said, requesting anonymity due to the private nature of the discussions.
Stablecoins in Focus
Stablecoins—digital tokens designed to maintain a fixed value, often pegged to fiat currencies like the dollar or euro—have become increasingly attractive to banks as alternative payment mechanisms. The market for stablecoins now exceeds $250 billion, with major issuers like Tether Holdings SA generating significant yields from the government bonds backing their tokens.
Santander is reportedly considering launching stablecoins denominated in both euros and U.S. dollars, reflecting the growing global demand for dollar-based tokens, especially in regions with weaker local currencies such as Latin America—where Santander maintains a significant presence. The bank is weighing whether to create its own stablecoin or offer access to existing ones.
Global Momentum Builds Around Stablecoins
The move aligns with broader global momentum. In the U.S., growing political support—particularly from former President Donald Trump—and proposed stablecoin legislation have spurred American banks to explore similar projects. Trump’s family-backed World Liberty Financial even launched a USD-pegged stablecoin, USD1, earlier this year.
U.S. banking giants are also reportedly in discussions about launching a joint stablecoin, according to the Wall Street Journal. A recent report by Standard Chartered Plc forecasts that the total value of dollar-linked stablecoins could surge to $2 trillion by 2028 if U.S. legislation is enacted.
European Banks Accelerate Crypto Integration
Santander’s Openbank operates across several European markets, including Spain, Portugal, the Netherlands, and Germany, and could roll out retail crypto services as soon as this year, pending regulatory approval.
Rival Spanish lender BBVA SA announced in March that it had secured regulatory clearance to offer crypto services in Spain, building on existing offerings in Switzerland and Turkey. The bank is also piloting a platform developed by Visa Inc. to enable the creation and transfer of digital bank tokens.
Elsewhere in Europe, Societe Generale SA has issued a euro-backed stablecoin through its crypto subsidiary, while Deutsche Bank AG’s DWS Group, Flow Traders Ltd., and Galaxy Digital Holdings Ltd. have joined forces to develop another euro-denominated stablecoin.
Santander’s Long-Standing Blockchain Involvement
Santander has been active in the blockchain space for nearly a decade. The bank has invested in leading crypto startups such as Ripple Labs Inc. through its venture arm, and has participated in industry initiatives like Fnality International, a blockchain-based payment network.
It has also experimented with tokenized bond issuances and was among the first traditional banks to integrate blockchain into a consumer payments app.
With Openbank potentially launching crypto services in the near future and stablecoin development underway, Santander’s deepening involvement signals a significant step forward for crypto integration in mainstream European banking.
Disclaimer and Risk Warning
coinweck does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. The image used in this article is for informational purposes only and is provided to us by a third party. coinweck should not be held responsible for image copyright issues. Contact us if you have any issues or concerns. Readers should do their research before taking any actions related to the company.