Growth of the crypto ecosystem

Santander is considering entering digital assets and creating its own 'stablecoin'

This move reflects the growing interest of banks in Europe in the crypto ecosystem, in a context where the community regulation on cryptoasset markets has already begun to be applied. Banco Santander is evaluating a possible deeper foray into the world of digital assets. Among its plans are the development of a stablecoin and enabling access to cryptocurrencies for users of its digital bank, according to Bloomberg.

People familiar with the matter say that the project related to the stablecoin is still in an early stage. For its part, Openbank, the group's online banking subsidiary, has already requested regulatory permits to provide retail cryptocurrency services in accordance with the new legal framework of the European Union. This move reflects the growing interest of banks in Europe in the crypto ecosystem, in a context where the community regulation on cryptoasset markets has already begun to be applied. In the United States, the administration of former President Donald Trump showed support for the sector, which prompted several financial entities to consider using stablecoins as a payment tool.