Global banking institution Banco Santander SA is considering expanding cryptocurrency services for retail customers and may launch stablecoin products.
The stablecoin plan is still in its early stages. According to a Bloomberg report on May 29, the bank is considering launching fiat tokens pegged to the US dollar and the euro.
Large banking institutions, including JPMorgan, Bank of America, Citigroup, and Wells Fargo, are reportedly also considering launching stablecoins following a friendly regulatory shift under US President Donald Trump.
Supporters of stablecoins believe they are a way to expand the dominance of the US dollar, increase the speed of capital flow in payment systems, serve the unbanked population, and allow small businesses access to global capital markets.
Despite several large banking groups and financial services institutions considering issuing dollar-pegged stablecoins, others in the banking industry oppose the spread of such assets.
The banking lobbying group in the US Senate and its allies are trying to block stablecoin legislation, fearing that digital fiat tokens will erode bank profits and take market share from the traditional financial system. Yield-bearing stablecoins are a significant concern raised by banking lobbyists and some US legislators.
US Senator Kirsten Gillibrand stated at the Washington Blockchain Summit in March 2025, "Do you want stablecoin issuers to be able to offer interest? You might not want that, because if they offer interest, there’s no reason to deposit money in local banks."
The senator pointed out that households and small businesses rely on these banking institutions for loans, and yield-bearing stablecoins could disrupt the retail lending market.
NYU professor Austin Campbell recently explained why traditional banking is fearful of yield-bearing stablecoins.
Campbell stated that offering rewards to consumers in the form of yield disrupts the low or no-interest deposit account model that is central to the fractional reserve system and modern retail banking.
Campbell criticized legislators pushing to restrict the issuance of yield-bearing stablecoins. He wrote in a post on X on May 21, "The only ones benefiting are billionaires and bank executives."
Related: Russia allows banks to offer cryptocurrency products to qualified investors
Original article: “Banco Santander Considers Issuing Stablecoin and Retail Crypto Services”
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