Banco Santander, one of Europe’s biggest banks, is planning to expand its digital services by offering cryptocurrencies and stablecoins to its retail customers, according to Bloomberg. This move could bring new opportunities and challenges for entrepreneurs and small to medium-sized businesses (SMEs) across Europe and beyond.
Santander’s online banking unit, Openbank, has applied for licenses to provide crypto services under the European Union’s new regulations. If approved, Openbank could start offering these services as early as this year. The bank is exploring stablecoins—digital tokens designed to keep a steady value by being linked to traditional currencies like the euro or the U.S. dollar. Santander is considering either creating its own stablecoin or giving customers access to existing ones.
Why does this matter for entrepreneurs and SMEs? Stablecoins and cryptocurrencies can make payments faster, cheaper, and more secure, especially for businesses that operate internationally. Traditional cross-border payments often involve high fees and long waiting times. Using stablecoins could reduce these costs and speed up transactions, helping small businesses manage cash flow better and expand globally.
The stablecoin market is already worth around $250 billion and is growing fast. Many companies and consumers use stablecoins to move money quickly without the usual banking delays. For businesses in countries with weaker local currencies, dollar-backed stablecoins are especially popular because they offer more stability.
Santander bank headquarters. Image credits: Unsplash.
Santander’s interest in stablecoins follows a broader trend among European banks warming up to digital assets. Other major banks like BBVA and Deutsche Bank are also developing crypto services and stablecoins. This growing acceptance means that blockchain and digital currencies are becoming more mainstream, which could lead to new financial products and services tailored for SMEs.
Blockchain makes its way into legacy banking
Santander has a history of supporting blockchain technology. It was an early investor in blockchain startups and has worked on projects involving tokenized bonds and blockchain-based payments. This experience gives Santander an advantage in developing reliable and secure crypto services.
For entrepreneurs, this development could mean easier access to innovative payment options and new ways to raise funds or manage assets using blockchain technology. However, it also means staying informed about regulatory changes and understanding the risks involved in using digital currencies.
Santander’s push into crypto and stablecoins could transform how small businesses handle payments and finances. By reducing costs and speeding up transactions, these technologies offer exciting possibilities for entrepreneurs looking to grow and compete in a digital economy. Keeping an eye on these changes will be important for SMEs aiming to stay ahead in a rapidly evolving financial landscape.
Sources:
Bloomberg – https://www.bloomberg.com/news/articles/2025-05-29/santander-crypto-plans-stablecoin-retail-access-to-cryptocurrencies
