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Investing.com -- Banco Santander SA (NYSE:SAN) is considering an expansion into digital assets, which includes early-stage plans to introduce a stablecoin and provide access to cryptocurrencies for the retail customers of its digital bank, Openbank. This move comes as European banks are increasingly venturing into the cryptocurrency sector.
The plans for the stablecoin, a type of cryptocurrency pegged to a reserve asset, are still in the early stages, according to Bloomberg, citing individuals familiar with the matter. Openbank, the online banking unit of the Spanish lender, has submitted applications for licenses to provide retail crypto services under the European Union’s new regulatory regime, as per an anonymous source.
This move by Santander (BME:SAN) is a recent example of how European banks are gradually embracing digital assets. This follows several months after the implementation of the European Union’s Markets in Crypto-Assets regulation. The bank’s decision reflects similar developments in the United States, where the vocal support for the industry from US President Donald Trump and progress on stablecoin legislation have encouraged major lenders to consider such tokens.
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