Banco Santander SA, a worldwide banking institute, is considering the expansion of crypto services for retail customers and potentially a stablecoin product.
The StableCoin plans are still within the early phases. According to a Bloomberg report on May 29, the bank is considering offering each dollar and euro-spoiled Fiat tokens.
Large banking institutions, including JPMorgan, Bank of America, Citigroup and Wells Fargo, are searching for an industry-positive regulatory change within the USA under US President Donald Trump reports the introduction of stage.
Proponents of stablecoins argue that they’re a method to expand the US dollar dominance, increase the speed of capital in payment systems, to suspend the unknown individuals and small businesses to global capital markets.
Current overview of the StableCoin market. Source: rwa.xyz
The banking industry stays divided on stable coins
Although several large banking conglomerate and financial services think that stable coins have packed from dollars, others within the banking industry are against the spread of such assets.
Bank lobbyists and their allies within the US Senate tried to dam stablecoin laws on account of fears that the digital Fiat tokens will undermine the banking transactions and steal the market share from the Legacy Financial System. Stable coins-component stable costs were a serious concern of the banking lobby and a few US legislators.
“Do you wish a stable coin to give you the chance to spend interest? Probably not, because for those who issue interest, there is no such thing as a reason to place your money in an area bank,” said US Senator Kirsten Gillibrand on the DC Blockchain Summit in March 2025.
https://www.youtube.com/watch?v=fdpmjhtq5am
The senator found that households and small corporations are depending on these banking institutions for loans and that stable coins with returns could undermine the marketplace for retail.
New York University (NYU) Professor Austin Campbell recently explained why the legacy banking sector is afraid of staling coins for earnings.
According to Campbell, the offering of consumer rewards in the shape of yield disrupts the model with low to no-interest-bearing insertion in the middle of the break reserves system and the trendy retail banking.
Campbell criticized legislators that limit provisions before the difficulty of the difficulty of the difficulty of stable coins for earnings rays. “The only individuals who profit are billionaires and bank efforts,” Campbell wrote able on May 21.
