Banco Santander is weighing a foray into stablecoins and retail crypto offerings—but not without resistance from traditional finance players.
While the bank explores dollar and euro-pegged tokens, per a May 29 Bloomberg report, broader banking industry factions remain skeptical. Rivals like JPMorgan and Bank of America are also eyeing stablecoins, but lobbyists and some U.S. lawmakers have fought to stifle such initiatives.
Critics argue that stablecoins, especially those offering yields, could undermine bank profits and destabilize legacy financial systems. Past attempts to block stablecoin legislation in the U.S. Senate reflect these concerns.
Despite opposition, advocates insist stablecoins can boost dollar hegemony and financial access, setting the stage for a clash between innovation and institutional inertia.
