Santander Explores Stablecoin Market with Euro and Dollar Tokens

Banco Santander is quietly advancing plans to enter the stablecoin arena, with internal evaluations underway for both euro- and dollar-denominated tokens. The move aligns with a broader push by traditional financial institutions—including JPMorgan and Citigroup—to capitalize on digital assets amid a softening regulatory stance under the TRUMP administration.

Stablecoins are increasingly viewed as a bridge between legacy finance and crypto, promising faster settlements and enhanced dollar hegemony. Yet dissent persists: Senator Kirsten Gillibrand recently cautioned that yield-bearing variants could destabilize community banks reliant on deposit-based lending. Critics like NYU’s Austin Campbell counter that resistance chiefly protects incumbent banking interests.