Bank interest in stablecoins is on the rise, with Santander reportedly exploring the launch of its own offering.
Stripe president John Collison mentioned in a recent Bloomberg interview that banks are “very interested” in integrating stablecoins into their services. He emphasized, “This is not something that banks are just brushing away or treating as a fad.”
After years of avoiding the crypto space, Stripe has started allowing merchants to accept stablecoins for online payments and has acquired the stablecoin platform Bridge for $1.1 billion.
Moreover, major U.S. banks such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo have engaged in discussions about potentially launching a stablecoin to enhance transaction speeds and tackle competition from emerging crypto firms.
Recently, it was reported that Santander’s Openbank unit has applied for Markets in Crypto-Assets (MiCA) licenses in Europe to offer a stablecoin and provide its retail customers with access to cryptocurrencies. The bank is considering introducing its own euro- or dollar-denominated stablecoin or facilitating access to an existing one, although these plans are still in the early stages.