UniCredit is weighing a broader move into digital assets that could eventually give its clients access to cryptocurrency custody, brokerage, tokenized investment products and stablecoin-based services, according to people familiar with the discussions. The Italian bank is in the early stages of selecting a technology provider to supply the infrastructure needed to hold digital assets and support their purchase and sale, although no final decision has been made.
The initiative would mark a step beyond the bank’s current digital-asset activity. UniCredit already offers professional investors in Italy a five-year, dollar-denominated structured product linked to BlackRock’s iShares Bitcoin Trust ETF, with full capital protection at maturity. It also issued Italy’s first tokenized minibond on a public blockchain late last year. The new technology search could create a foundation for multiple services, including tokenized fixed-income securities and client exposure to cryptocurrencies.
Stablecoins are a central part of the conversation. UniCredit is a member of Qivalis, the Amsterdam-based European banking consortium that is preparing a euro-denominated, MiCA-compliant stablecoin backed 1:1 with euros. Qivalis is targeting a launch in the second half of 2026, subject to approval from the Dutch central bank, and has expanded from 10 initial banks to 37 institutions across 15 European countries. In April, the group selected Fireblocks to provide tokenization technology, wallet infrastructure and lifecycle management tools.
The exploration is taking shape as global banks accelerate digital asset initiatives. U.S. Bank recently completed a live cross-border payment using its USBDC stablecoin, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the UAE, and Israel’s Leumi partnered with Galaxy Digital to offer Bitcoin, Ether and Solana trading. For UniCredit, the potential custody and brokerage build-out would add another piece to its digital capital markets strategy, which this week included a minority stake in German lending platform VC Trade.
Under the European Union’s Markets in Crypto-Assets regulation, banks have a clearer framework for offering crypto custody, trading and stablecoin services. UniCredit has not disclosed which providers are under consideration, how much it might spend, or when a selection could be made.
