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Santander Considers Issuing Stablecoin, Retail Crypto Services

As of May 2025, Banco Santander, Spain's largest bank, is planning to introduce a stablecoin and broaden cryptocurrency offerings for individual customers via its digital banking platform, Openbank.
Santander's move follows growing interest among banks in cryptocurrencies and stablecoins, supported by new EU regulations and similar U.S. Legislative advances.
Santander’s digital bank Openbank is seeking regulatory approval under the EU’s Markets in Crypto-Assets framework to deliver retail cryptocurrency services across several European countries and Latin America.
The planned stablecoin may be pegged to the euro or U.S. Dollar and targets retail clients, leveraging Santander’s large customer base in Spain and Latin America.
This initiative reflects Santander’s strategy to strengthen its digital assets business amid a $250 billion stablecoin market and increasing crypto adoption in banking.

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The Bank says it meets the MREL requirements imposed by the Bank of Portugal, and "the current funding plan is aligned with the requirements defined for 2025".

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