According to data from BlockStories, eight of the 20 largest European banks offer live encryption services.
MiCA gave banks legal protection, but it was customer capital flowing into Revolut and Trade Republic that forced their hand.
A consortium of 12 banks including BNP Paribas, ING and UniCredit is building a euro-backed stablecoin.
Four years ago, European banks were blocking crypto transactions. Currently, they offer Bitcoin and Ethereum directly within their retail banking app.
BlockStories data published on March 12 shows exactly where Europe’s 20 largest banks stand when it comes to crypto trading and custody. Santander, BPCE, BBVA and KBC are already available for private and institutional customers. Deutsche Bank announced the custody. DZ Bank won MiCA approval from Germany’s BaFin in January and has rolled out its main crypto platform across its cooperative banking network. Credit Agricole and Société Générale have institutional management.
We don’t have all 20 pieces yet. As analyst Richard Fetico also pointed out, only eight of the EU’s top 20 banks have deployed crypto services at scale, with most still in announcement or testing mode. But the direction is very clear, he said.
Why are banks changing their stance on cryptocurrencies?
Three forces made this inevitable. MiCA gave banks a legal framework to participate without regulatory risk. In any case, client funds were already flowing to Revolut, Trade Republic, and Bitstack. And we couldn’t ignore the opportunity to pay.
FinTech and payments analyst Panagiotis Kriaris said: “If banks do not adopt stablecoins, they risk being kicked out of the digital money layer entirely.”
His analysis highlights that stablecoins enable instant cross-border payments and 24/7 liquidity management, decoupling banks from the payment flows and fee pools they have relied on for decades.
Defensive logic is just as powerful as commercial logic.
Read more: Stablecoin News: Circle is minting billions in USDC as crypto recovers
Next move: Euro to challenge dollar
Almost 99% of the stablecoin market is tied to the US dollar. Even payments between two European parties are often executed via US-centric infrastructure. That’s the problem a consortium of 12 banks, including BNP Paribas, ING and UniCredit, is trying to solve.
Their venture, Qivalis, will issue a MiCA-compliant, euro-backed stablecoin for 24/7 on-chain payments, with a goal of launching in late 2026.
Qivalis CEO Jan-Oliver Sell explained the stakes simply: “Settlement speed is the new interest rate.”
The goal is not just efficiency. That is sovereignty. Mr Sell said: “True sovereignty in 2026 and beyond is not just about borders. It’s about data and payments.”
European banks spent years resisting cryptocurrencies. They are now competing to own the infrastructure underneath.
Also read: Has the Clarity Act been passed? Not yet, but banks are already buying these 8 altcoins
