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- Banco Santander its explores the entry into the Stablescoin market and offers recuperation crypto services via its OpenBank digital banking unit.
- Santander plans include the consideration of stablescoins denominated in euros and dollars, with potential launches according to obtaining regulatory approvals.
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Banco Santander SA, which recently exceeded the UBS to become the largest bank in continental Europe by market capitalization, is at the first stages of exploration of a launch of stable and an extent of retail crypto offers thanks to its digital banking unit, Bloomberg reported on Thursday.
The Stablecoin initiative supported by Santander could take the form of a owner token issued by the bank or a platform facilitating access to existing stablecoins. It should be set at the Euro or the US dollar.
In the countries of Latin America struggling with economic volatility, staboins based on a dollar such as the USDT and the USDC gain ground as a blanket against weakening local currencies.
Nations such as Argentina, Brazil and Mexico, where Santander has a large clientele, are at the forefront of this trend, trained by inflation, devaluation and the need for effective discounts.
For retail services, Santander explores the deployment via OpenBank, its digital banking subsidiary. OpenBank asked for licenses as part of the EU market regulation (Crypto-Astets Regulation (MICA) to provide Crypto trading services to retail customers.
If it is approved, the platform could be launched this year on markets such as Spain, Germany, Portugal and the Netherlands.
Santander has shown a strong interest in blockchain technology from the early stages of blockchain development, and this interest has only growed over time. The bank venture arm of the bank has already invested in pioneering startups of the blockchain, including Ripple and Digital Asset Holdings.
Santander was also the first British bank to use the blockchain for international retail payments, launching a RIPPLE compatible application in 2019 which allowed cross -border transfers the same day for customers in several countries.
More recently, Santander Corporate & Investment Banking (CIB) has executed its first REPO INTRADAY EUR and a USD term repo on the digital financing application via digital assets Kinexys, the JPMorgan digital asset platform for token financial products.
This decision reflects an increased dynamic among banks to develop regulated stablecoin products, in the midst of legislative progress in the EU and the United States, and a Stablescoin market recently exceeding $ 250 billion, by Coingecko.
European banks have intensified the activity of digital assets since the Mica regulations have entered into force. The Santander rival, BBVA, received approval in March to offer retail cryptography services in Spain, expanding its existing operations in Switzerland and Turkey.
Other institutions are also advancing. The cryptographic unit of General Society, SG Forge, plans to launch a stablecoin on the back of US dollars on Ethereum, aimed at becoming the first World Bank to issue a stablecoin on a public blockchain.
Meanwhile, the DWS group of Deutsche Bank, Flow Traders and Galaxy Digital also joined forces to issue a stablecoin on the issue of the Euro.
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