Santander and nine other large international banks study launching a ‘stablecoin’
A coalition of 10 large international banks is exploring the idea of launching a stablecoin – a cryptocurrency whose value is linked to that of the euro, which makes it less volatile and more stable – backed by the world’s main currencies, as indicated by these institutions in a joint statement.
In the group is present Santander Bankin addition to other large global banking institutions such as Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, MUFG Bank, TD Bank and UBS.
“The objective of this initiative is to explore whether a new industry offering could bring benefits from digital assets and boost competition in the marketwhile ensuring compliance with all regulatory requirements and best practices in risk management,” the banks have indicated.
The currency would be backed with a 1:1 ratio with currencies of G7 countriesalthough the composition of that basket has not been specified. The alliance of banks is in contact with regulators and supervisors in the relevant markets.
It so happens that last month the creation of a ‘stablecoin’ linked to the euro by nine European banks was announced: CaixaBank, ING, Banca Sella, KBC, Danske Bank, DekaBank, UniCredit, SEB and Raiffeisen Bank.
Unlike the project of Santander and its partners, this project is more defined and will be broadcast in the second half of 2026.
