Spain’s Banco Santander Plans Stablecoin Launch as Part of Crypto Expansion
Banco Santander, Spain’s largest bank and one of the most recognized financial institutions globally, is reportedly preparing to deepen its involvement in the digital asset space—with a stablecoin project now on the table.
According to a recent report from Bloomberg, the banking giant is exploring the launch of a stablecoin, alongside broader plans to offer cryptocurrency services to retail customers. While the stablecoin is still in its early development phase, sources suggest the initiative is part of a wider effort by Santander to expand its footprint in blockchain and crypto.
The bank’s crypto push will be led through Openbank, its digital banking arm, which began U.S. operations in October 2024. Openbank is expected to play a central role in bringing crypto services to the bank’s retail clients in Spain and beyond.
Santander’s potential stablecoin entry reflects a broader shift in traditional banking, as institutions worldwide increasingly explore digital assets. Major banks—including Barclays, Standard Chartered, and BBVA—are actively investing in or building crypto-related services.
Standard Chartered, for instance, recently partnered with crypto prime broker FalconX to provide banking services to digital asset traders. In the U.S., giants like Bank of America, Morgan Stanley, JPMorgan, and Citigroup are moving past skepticism and gradually integrating crypto into their offerings.
JPMorgan CEO Jamie Dimon, long known for his critical stance on cryptocurrencies, recently acknowledged that the bank will now allow clients to purchase Bitcoin. Morgan Stanley has also reaffirmed its intent to work closely with U.S. regulators as it eyes a deeper role in crypto trading. The bank was among the first to offer Bitcoin funds to wealthy clients back in 2021.
Barclays, meanwhile, invested $131 million into BlackRock’s spot Bitcoin ETF, signaling confidence in the growing legitimacy of tokenized assets.
Santander is no stranger to digital innovation. The bank has already dabbled in blockchain through asset tokenization and crypto custody services, positioning itself as a forward-thinking player among legacy banks. A native stablecoin would mark a strategic evolution, potentially supporting faster, more efficient payments within its digital ecosystem.