Santander Bank in Spain is developing a preliminary stablecoin plan and expanding cryptocurrency services

ChainCatcher news, according to Bloomberg, as major European banks accelerate their efforts in this field, Spain's Banco Santander SA is considering expanding its business in digital assets, including preliminary plans to launch a stablecoin and provide cryptocurrency services to retail customers of its digital bank.

Insiders say that the stablecoin plan is still in its early stages. As the discussions are private, these individuals requested anonymity. One insider revealed that Santander's online banking subsidiary Openbank has applied for relevant licenses under the EU's latest regulatory framework to offer cryptocurrency services to retail customers.