World Banks Cannot Remain Indifferent to Cryptocurrencies! A Crypto Move Has Come from One of Europe's Largest Banks

Spain-based Banco Santander SA is preparing to take a significant expansion step in the digital asset space.

The bank plans to offer individual customers cryptocurrency access through its digital banking unit Openbank and to develop stablecoin services in euros and dollars. This step is one of the latest examples showing the increasing interest of banks in Europe in digital assets.

According to sources close to the matter, stablecoin plans are still in the early stages. Openbank has submitted the necessary license applications to provide individual crypto services under the European Union's new regulatory framework, MiCA (Markets in Crypto-Assets).

Among the options that Santander is focusing on are developing its own stablecoin or providing access to an existing token. It is known that dollar-based stablecoins are becoming increasingly popular in countries where local currencies are weak, particularly in Latin America, where Santander has a strong presence.

This move follows similar developments in Europe, following the open support given to the sector by U.S. President Donald Trump and the progress of stablecoin regulations in the U.S., which have led major American banks to turn towards this area.

Santander's Spanish rival BBVA also announced last March that it would start offering individual crypto services after receiving the necessary approvals from the market regulators in the country. BBVA is already providing similar services to limited customer groups in Switzerland and Turkey. Additionally, it is also testing the platform developed by Visa Inc. for creating and transferring bank tokens.

*It is not investment advice.

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