Banco Santander SA, one of the largest banks in Europe and Spain, is reportedly considering introducing its own stablecoin. The bank also plans to give its digital banking arm, Openbank, the ability to offer crypto services to retail clients.
This move comes as Santander’s Spanish competitor, BBVA SA, announced in March its intention to offer cryptocurrency services following approval from Spain’s regulatory authority, the CNMV.
Gonzalo Rodríguez, BBVA’s head of retail banking in Spain, emphasized the bank’s commitment to making cryptocurrency investment accessible, stating, “Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA.”
By establishing a comprehensive framework, the European Union’s Markets in Crypto-Assets is shaping how major digital market participants operate within one of the world’s largest economic regions.
The regulation allows banks, investment firms, and other financial institutions to engage in cryptocurrency activities, provided they have the necessary authorization under the Markets in Financial Instruments Directive (MiFID) II.
Such a move comes in the wake of growing legislative support in the US led by President Donald Trump, who has increasingly changed its previous vision about digital assets and Bitcoin with major announcements, including the establishment of a Strategic Crypto Reserve.
Consequently, the total crypto market capitalization reached a new high of $3.5 trillion last week, now standing at $3.3 trillion as investors flock to cash out their gains.
Featured image from DALL-E, chart from TradingView.com
