Spain’s largest bank, Banco Santander, has unveiled plans to expand its digital asset business. The bank will launch a stablecoin and offer cryptocurrency services to retail clients of its digital bank, Openbank. Plans to launch the stablecoin are still in their early stages, with discussions of launching a Euro or Dollar-pegged token underway.
Banco Santander will allow Openbank to offer digital asset services under the European Union’s Markets in Crypto-Assets (MiCA) regulations. However, Openbank must receive a license approval from MiCA before it can offer crypto services.
The move aligns with Santander’s expansion plans to remain competitive in the evolving financial landscape. The bank’s objectives are also in line with the broader trend of European banks embracing cryptocurrency under the MiCA regulation.