Spain’s Banco Santander mulls crypto foray with stablecoin: report

Banco Santander, the largest bank in Spain and among the world’s most valuable brands, is planning to expand its presence in the digital assets market, including unveiling a stablecoin.

According to a Bloomberg report, Banco Santander plans to offer cryptocurrency services to its retail clients, with the stablecoin initiative that’s still in the early stages of development another avenue through which the banking giant will strengthen its digital assets business.

Sources told Bloomberg that Santander will target retail clients via Openbank, the Spanish bank’s digital banking platform that launched in the United States in October, 2024.

Plans to expand its crypto business comes as the global banking community witnesses a significant surge in traction across the digital assets landscape. 

Major banks embrace crypto

The growing trend sees banks increasingly warming to cryptocurrencies and blockchain technology for the benefit of both institutional and retail customers. Barclays Bank, Standard Chartered, and BBVA are among those exploring various crypto adoption strategies. Also making inroads at a rapid pace are Bank of America, JPMorgan, Morgan Stanley, and Citigroup.

Standard Chartered recently strengthened its crypto footprint through a key partnership with crypto prime broker FalconX. The strategic partnership will see Standard Chartered offer its banking services to FalconX users.

While still a crypto skeptic, Jamie Dimon, the chief executive officer of U.S. banking and investment giant JPMorgan, recently said that the bank will allow its clients to buy Bitcoin (BTC), the world’s most popular and widely adopted digital asset.

In January 2025, Morgan Stanley CEO Ted Pick revealed that the bank was ready to work with U.S. regulators as it looks to expand its crypto involvement. The wealth management behemoth is eyeing crypto trading and was the first major bank in the U.S to bring Bitcoin funds to its high-net worth clients in 2021. 

Barclays Bank disclosed a $131 million investment in BlackRock’s spot Bitcoin exchange-traded fund. Meanwhile, Santander’s crypto and blockchain traction includes asset tokenization and crypto custody services.