Largest Bank in Spain Prepares Crypto Expansion Under EU’s MiCA Framework

Spanish banking giant is preparing to enter the stablecoin market, with plans to launch USD- and EUR-denominated digital tokens through its digital arm, according to a Bloomberg report.

This move from Santander marks a significant step in Santander‘s broader crypto ambitions, as the bank seeks to integrate regulated digital assets into its existing financial ecosystem. Its digital arm Openbank has reportedly submitted applications for licenses under the Markets in Crypto-Assets Regulation (MiCA) — the European Union’s unified framework for digital asset oversight.

Stablecoin Strategy May Target Emerging Markets

Santanders stablecoins, pegged to the U.S. Dollar and Euro, could bridge traditional banking with the expanding world of digital finance. Dollar-backed tokens have already gained popularity in countries with weak national currencies, particularly across Latin America, where Santander maintains a strong retail presence.

Sources cited by Bloomberg suggest the bank is weighing two options: either issuing its own stablecoin or partnering with an existing token provider to deliver the service. This would allow consumers in both the EU and emerging markets to transact in stable digital currencies backed by trusted fiat.

Openbank Set to Lead Crypto Integration

Openbank, which operates across Spain, Portugal, Germany, and the Netherlands, may launch crypto services as early as next year, pending regulatory approvals. The integration of stablecoins would significantly expand its digital offerings, aligning with a growing trend of traditional banks entering the crypto space under regulated environments.

If successful, Santander would become one of the first major European banks to deploy stablecoins at scale, combining regulatory compliance with real-world utility.