Banco Santander SA, a global banking institution, plans to develop cryptography services for retail customers and potentially launch a stablecoin product.
Stablecoin’s plans are still in the first phases. According to a report on May 29 Bloomberg, the bank plans to offer Fiat tokens for two and euro.
Large banking institutions, including JPMorgan, Bank of America, Citigroup and Wells Fargo, would seek to launch stablecoins, following a positive regulatory change in industry in the United States under the American president Donald Trump.
Stablecoins supporters argue that they are a way to extend the domination of the US dollar, increase the speed of capital in payment systems, banish non -banished and expose small businesses to world capital markets.
In relation: The British FCA requests public comments on Stablecoin, Regulation on the Cryptography Guard
The banking industry remains divided on the stablescoins
Although several major banking and financial services are reflecting on the issuance of stabins to Pie to a dollar, others in the banking sector are opposed to the proliferation of these assets.
Banking lobbyists and their allies in the US Senate have tried to block the legislation on fears on fears that digital fiat tokens will erode bank profits and fly the market share of the inherited financial system. The stablecoins provided by the yield was a significant concern raised by the banking hall and certain American legislators.
“Do you want a Stablecoin issuer to be able to issue interests? Probably not, because if he issues interest, there is no reason to put your money in a local bank,” said American senator Kirsten Gillibrand during the DC Blockchain Summit in March 2025.
https://www.youtube.com/watch?v=fdpmjhtq5am
The senator noted that households and small businesses depend on these loans for loans, and that compatible stables could undermine the retail market.
Professor Austin Campbell, Professor Austin Campbell, recently explained why the inherited banking sector feared stablescoins.
Campbell said that the supply of rewards to consumers in the form of yield disrupts the low interest depositing account model at the heart of the fractional reserve system and modern retail banks.
Campbell criticized the legislators who push regulations restricting the issuance of stable yields. “The only people who benefit are the billionaires and the leaders of the bank,” Campbell wrote in a post on May 21.
Review: UNSTABLECOINS: release, bank races and other risks to be forged
