Santander Explores Stablecoin Launch and Retail Crypto Services

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Banco Santander SA is reportedly considering the introduction of a stablecoin and expanded cryptocurrency services for retail customers.

According to a May 29 Bloomberg report, the Spanish banking giant is in early discussions to issue dollar and euro-pegged stablecoins. The move aligns with a broader trend among major banks, including JPMorgan, Bank of America, and Citigroup, as U.S. regulatory attitudes toward crypto grow more favorable.

Stablecoin advocates argue that these assets can strengthen dollar dominance, improve payment efficiency, and expand financial access. However, some banking industry figures oppose their proliferation, fearing competition with traditional financial systems.

U.S. banking lobbyists and certain senators have previously resisted stablecoin legislation, particularly over concerns about yield-bearing tokens cutting into bank profits.