Banco Santander, Spain's largest bank, is expanding into the digital finance world by planning to launch stablecoins for euro and dollar in Latin America.
Openbank, the bank's digital division, is seeking a license under the EU's MiCA regulation to offer cryptocurrency services to retail clients.
Global banks like Barclays, BBVA, and JPMorgan are increasingly exploring stablecoins and digital assets, reflecting a wider trend in the banking sector.
The move towards stablecoins is driven by the rising demand for faster, cheaper payments and their utility in regions with low-value local currencies, with the global market for stablecoins surpassing $250 billion.