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- Banco Santander Saa explores the entry of Stablecoin market and providing retail for retail through its OpenBank digital bank.
- Santander plans include looking at the euro and dollar Stablecoins, with possible launch processes that depend on obtaining organizational approvals.
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Banco Santander SA, who recently exceeded UBS to become the largest bank in continental Europe through the market value, in the early stages to explore the launch of Stablecoin and expand encryption offers for retail through its digital banking unit, Bloomberg I mentioned Thursday.
The Santander -backed Stablecoin initiative can take a royal code issued by the bank or a platform that facilitates access to the current Stablecoins. It is expected to be linked to either the euro or the US dollar.
In the Latin American countries that wrestle with economic fluctuations, the dollar -based Stablecooins such as USDT and USDC are Traction As a hedge against local currencies.
Countries like Argentina, Brazil and Mexico, where Santander holds a large customer base, at the forefront of this trend, driven by inflation, reducing value, and the need for effective transfers.
For retail services, Santander explores the operating program through its OpenBank, its digital banking. OpenBank has applied for licenses under the Crypto-ASSITS (MICA) work framework to provide retail trading services for retail customers.
If approved, the platform can be launched early this year in markets such as Spain, Germany, Portugal and the Netherlands.
Santander has shown strong interest in Blockchain technology from the early stages of Blockchain, and this interest has only grown over time. The project arm in the bank has previously invested in the leading start -up companies in Blockchain, including digital assets.
Santander was also the first bank in the UK used Blockchain for international retail payments, as it launched an enabling application in 2019, which enabled cross -border transportation on the same day to customers in multiple countries.
Recently, Santander Corporate & Investment Banking (CIB) I executed the first repo in intenday eur The term US dollar on the application of digital financing via Kinxys digital assets, the JPMorgan digital asset platform for distinctive financial products.
This step reflects the increase in the momentum between banks to develop the organization’s standional products, amid legislative progress in the European Union and the United States, and the Stablecoin market recently exceeds $ 250 billion, For Coingecko.
European banks have climbed the activity of digital assets since the MICA regulations entered into force. Santander, BBVA, obtained approval in March to provide retail coding services in Spain, and expanded its current operations in Switzerland and Turkey.
Other institutions are also progressing. Crypto Crypto Société Générale unit plans to launch a The US dollar -backed Stablecooin on EthereumIt aims to become the first global bank to issue Stablecoin on the general Blockchain.
Meanwhile, the Deutsche Bank DWS group, and the flow dealers, and the Galaxy Digital for the euro -euros.
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