Banco Santander, Spain’s largest bank, is preparing to expand its digital offerings by launching cryptocurrency trading services through its digital banking arm, Openbank. The expansion includes early-stage plans to issue euro- and dollar-denominated stablecoins, aiming to provide retail clients across Europe with regulated access to cryptocurrencies.
Openbank has formally applied for licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA), signaling its intent to operate crypto services once regulatory approval is granted. This move positions Santander among the leading European banks embracing cryptocurrency innovations within a regulated framework.
According to reports from Bloomberg and multiple financial news outlets, Santander’s stablecoin initiative could either involve the issuance of its own stablecoin backed by euros and US dollars or integration of existing stablecoins for client use. The stablecoins aim to offer customers a less volatile digital asset alternative compared to traditional cryptocurrencies, which often experience significant price fluctuations.
Openbank currently serves clients in Spain, Portugal, the Netherlands, and Germany, and hopes to roll out these crypto services as early as this year, contingent on regulatory clearance. This expansion will enable retail investors across these markets to buy, sell, and hold cryptocurrencies under the safety and oversight of a major financial institution.
This strategic initiative follows similar moves within Europe, notably by Santander’s Spanish rival BBVA, which recently announced its own cryptocurrency service expansions after gaining approval from Spain’s regulatory authority. BBVA has successfully integrated crypto trading services in Switzerland and Turkey, allowing users to manage Bitcoin and Ethereum through their banking applications.
The entry of Santander into crypto trading highlights the broader trend of traditional banks adapting to digital asset infrastructure under evolving regulatory landscapes across Europe. The MiCA framework, implemented recently by the EU, provides clear regulatory pathways, encouraging established financial players to engage with blockchain-powered financial products.
Industry observers note that Santander’s potential stablecoins, pegged to stable fiat currencies, could also cater to regions outside Europe where the bank holds significant market share, such as Latin America. In these economies, dollar-pegged digital tokens have gained popularity as viable payment and remittance alternatives.
Swati Bhatia, Head of Retail Banking and CEO of Openbank in the U.S., earlier emphasized the digital platform’s rapid growth and its role in Santander’s broader 2025 strategy to innovate retail financial services. The forthcoming crypto trading service complements the bank’s efforts to offer cutting-edge digital products, fostering customer engagement and market leadership.
While Santander has yet to officially comment on the detailed scope and timeline, its licensing application and industry sources underscore a firm commitment to integrating cryptocurrency capabilities within traditional banking environments. The bank’s initiative is expected to enhance user trust in digital assets by offering regulated, bank-backed access within the EU’s robust legal framework.