UniCredit is evaluating digital asset infrastructure for custody, trading, tokenized investments, fixed income and stablecoin services. European banks including BBVA, Santander, Cecabank and
Italy’s second-largest bank, UniCredit SpA, is considering crypto custody and brokerage services, according to Bloomberg. The Milan-based lender is selecting a technology provider for digital asset infrastructure, although discussions remain preliminary. Potential offerings include tokenized investments, fixed-income securities, stablecoin services, and customer access to cryptocurrency markets.
People familiar with the plans told Bloomberg that UniCredit is assessing technology for holding digital assets and supporting their purchase and sale. They requested anonymity because the discussions remain private.
However, the bank has not finalized its products or services. A UniCredit spokesperson declined to comment on the reported plans. The review follows several earlier digital asset initiatives.
Last year, UniCredit offered professional clients a structured product linked to BlackRock’s iShares Bitcoin Trust exchange-traded fund. The bank also issued Italy’s first tokenized minibond on a public blockchain late last year. Tokenization allows traditional assets to be issued and transferred through blockchain networks.
UniCredit is also part of Qivalis, a group of 37 lenders from 15 European countries. The company aims to issue a euro-denominated stablecoin. This week, UniCredit announced a minority investment in German lending markets platform VC Trade. The move is intended to expand its digital capital markets capabilities.
Meanwhile, other European banks have introduced crypto-related services. Spain’s BBVA has rolled out bitcoin trading and custody through its app, while Santander’s Openbank launched its own trading service.
Cecabank began offering crypto custody in June through a partnership with Bit2Me. In Germany, Deutsche Bank is developing custody services using technology from Bitpanda’s technology arm.
The Bank of Italy examined stablecoin remittances in a research paper published in July. Researchers tested 200 USDC transfers across 10 corridors connecting Italy with Argentina, Brazil, South Africa, the United Arab Emirates, and Japan.
The tests used Binance, Kraken, Ripio, Foxbit, BitOasis, and Valr. Transactions took place on March 24 and 26, 2026, mainly through Ethereum. The study found that blockchain transfers were relatively fast and inexpensive.
However, fiat conversion costs and local payment systems largely determined the total cost and speed. The Bank of Italy concluded that stablecoins did not consistently provide cheaper or faster cross-border remittances than existing payment services.
