Banco Santander SA is considering the introduction of stablecoins pegged to the US dollar and euro as part of its strategy to expand crypto services to retail clients. This initiative, still in its preliminary phase, reflects a broader trend among major banks like JPMorgan and Bank of America, which are also exploring stablecoin issuance amid evolving US regulations. While stablecoins are seen as a means to bolster US dollar dominance and enhance capital flow, concerns persist within the banking sector about their impact on traditional banking profits and retail lending. Critics, including US Senator Kirsten Gillibrand, have voiced apprehensions about yield-bearing stablecoins potentially disrupting the financial landscape.