Banks' Crypto Strategy: Santander, Bancolombia, Binance and Boerse Stuttgart at MERGE Madrid

Banks' crypto strategy: MiCA, stablecoins, tokenization and cross-border payments in Spain and LATAM

Why did banks take so long to enter crypto and what are they offering now? In this MERGE Madrid panel, Santander, Wenia (CIBEST/Bancolombia Group), Binance and Boerse Stuttgart Digital analyze traditional banking's entry into digital assets with MiCA, bank stablecoin strategies, atomic settlement and cross-border stablecoin payments. Cases include Santander in Switzerland, Germany and Spain via Open Bank, and Wenia operating in LATAM.

What you'll learn

• Why banks waited: prudence, custody, capital, audit and the need for a framework like MiCA before offering crypto services
• How banks are entering today: Santander via Open Bank in Germany and Switzerland since 2023, Bancolombia creating Wenia as an independent licensed company
• Bank stablecoin strategy: issue own, multi-bank consortium or integrate existing ones; Boerse Stuttgart's Société Générale partnership
• Atomic settlement and tokenization: the Seturion platform to cut T+2 settlement to seconds, and real-world asset tokenization
• Cross-border payments and remittances: $24B in Binance remittances over 2 years, with stablecoins 50,000x cheaper than traditional

Session summary

From caution to launch. Banks didn't delay out of lack of interest but out of caution: they needed regulatory clarity on custody, capital and reporting. With MiCA, Santander already offers crypto buy/sell on Open Bank Germany and is launching in Spain, building on Switzerland since 2023. Bancolombia, without clear LATAM regulation, opted to create Wenia as a separate company to meet strong retail demand.

Stablecoins: a bank-token gazpacho. Every bank is exploring its strategy: issue its own stablecoin (JPM-style), multi-bank consortia, or integrate existing stablecoins into payment rails. The Boerse Stuttgart-Société Générale partnership is already underway. Market: $94B in stablecoin commerce payments over 2 years and a $300B market cap, 25% of Visa and Mastercard combined.

Atomic settlement and RWA tokenization. Boerse Stuttgart launches Seturion to cut settlements from T+2 to 20-30 minutes today, targeting atomic settlement in 2026. Binance launches Real World USDT (tokenized US Treasuries yielding 4.2%) and works with Franklin Templeton. The promise: onchain is worth more than online, with massive institutional capital release as settlement days disappear.

Cross-border and pending staking. Stablecoins have already transformed cross-border payments: $24B moved in remittances on Binance over 2 years, with fees 50,000x lower. Staking and stablecoin yield are still unregulated in Europe, but banks see them as an opportunity to improve customer remuneration once the regulatory framework arrives.

Watch the full session

Watch the full panel on MERGE's YouTube channel, with Santander, Wenia, Binance and Boerse Stuttgart Digital debating the real entry of banks into crypto with MiCA, stablecoins and tokenization.

FAQs

Why did traditional banks take so long to enter crypto?
Due to prudence and the need for clear regulatory frameworks (MiCA in Europe) on custody, capital, audit and reporting. Switzerland was the early exception; Bancolombia opted to create Wenia as an independent company outside the bank.

What crypto are banks offering their clients?
Buy, sell and custody of the leading crypto assets by market cap embedded in the banking app. Progressively: transfers, card payments, cashback, staking, all subject to regulation.

Will each bank issue its own stablecoin?
No. Some issue their own, others form multi-bank consortia, and others integrate existing stablecoins into their payment rails. Fragmentation is a real challenge for service providers.

What advantage do stablecoins have in cross-border payments?
Speed (seconds vs days), cost (up to 50,000x cheaper than traditional remittances) and 24/7 operations. Binance has moved $24B in remittances over 2 years.