Stantander bank may issue stablecoin
Banco Santander SA is exploring the expansion of crypto services for retail clients and the potential launch of a stablecoin product, with plans in early stages for dollar and euro-pegged tokens. Major banks like JPMorgan, Bank of America, Citigroup, and Wells Fargo are also considering stablecoin initiatives following favorable regulatory changes in the U.S. Proponents argue stablecoins could enhance U.S. dollar dominance, improve payment system efficiency, and provide access to capital for small businesses. However, there is division within the banking industry; some lobbyists and lawmakers oppose stablecoins, fearing they could diminish banking profits and market share. Concerns focus on yield-bearing stablecoins, which could disrupt traditional banking models by offering consumers interest, potentially undermining retail lending. Critics argue that restrictive regulations primarily benefit wealthy individuals and bank executives.
