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Santander Bank in Spain is brewing a move into the encryption field and is formulating preliminary stablecoin plans.
On May 29, Bloomberg reported that as major European banks accelerate their layout in this field, Banco Santander SA is considering expanding its business in digital assets, including preliminary plans to launch a stablecoin and provide cryptocurrency services to its retail customers at its Digital Bank. According to informed sources, the stablecoin plan is still in its early stages. As the discussions are private, these individuals requested anonymity. One of the informed sources disclosed that Openbank, Santander's online banking subsidiary, has applied for relevant licenses under the EU's latest regulatory framework to offer crypto services to retail customers.