According to insiders, Italian bank UniCredit is evaluating an expansion of its digital assets business, with potential areas including crypto asset custody, brokerage, tokenized investment products, and stablecoin-related services. The bank is currently selecting technology providers to build the underlying infrastructure for holding and trading digital assets, but discussions are still in early stages and no final decisions have been made.
This suggests that UniCredit’s strategy may expand beyond a single crypto-linked product to a more comprehensive digital asset services ecosystem. Previously, the bank has offered structured products linked to BlackRock’s Bitcoin ETF to professional clients in Italy and also issued Italy’s first tokenized mini-bond on a public blockchain.
Currently screening custodial and brokerage infrastructure
Sources say the technology platform UniCredit is considering would primarily support two key capabilities: holding digital assets and enabling clients to buy and sell related assets. If the project moves forward, the system could support a range of products, not just a single investment instrument.
The bank has not yet decided which services will ultimately be launched, and some planned features may be adjusted or even abandoned in future discussions. The spokesperson declined to comment on this matter.
UniCredit's previous digital asset business primarily focused on professional investors and corporate clients. By adding custody and brokerage capabilities, the bank could provide broader access to digital assets through its existing banking channels.
Stablecoins and tokenized products are being advanced in tandem.
In addition to cryptocurrency exposure, UniCredit is also exploring tokenized investment products, fixed-income securities, and how customers use stablecoins. These initiatives align with its participation in the European banking stablecoin project, Qivalis.
Qivalis, initiated by multiple European banks, aims to launch a stablecoin backed 1:1 by the euro and compliant with MiCA requirements. The project initially involved 10 banks and has since expanded to include 37 banks across 15 European countries, with members such as BNP Paribas, ING, ABN AMRO, Rabobank, and Intesa Sanpaolo.
Under the current arrangement, Qivalis plans to launch the token in the second half of 2026, subject to approval from the Dutch Central Bank. The project will operate as an electronic money institution, with initial use cases focused on institutional settlement, fund management, and tokenized assets.
In April this year, Qivalis selected Fireblocks to provide the underlying infrastructure for tokenization technology, wallet systems, lifecycle management, and identity verification and sanctions screening tools.
MiCA is prompting European banks to accelerate their entry.
UniCredit's assessment comes as European banks accelerate their推进 of crypto services under the MiCA framework. MiCA establishes uniform rules for crypto-asset service providers and stablecoin issuers across the EU, providing banks with a clearer regulatory foundation for offering custody, trading, and on-chain settlement services.
In this context, some European banks have begun implementing related services. For example, Banca Sella, also a member of Qivalis, has received approval from the Bank of Italy to offer crypto custody and transfer services through the MiCA notification mechanism.
However, the relationship between banks and stablecoins has also sparked new discussions about risks. In May of this year, Elena Carletti, Vice Chairman of UniCredit, stated that if future banking deposit pressures related to cryptocurrencies arise, Europe’s capacity to respond may be weaker than that of the United States. She noted that during the collapse of Silicon Valley Bank in 2023, Circle disclosed that $3.3 billion in USDC reserves were held at the bank, while the EU deposit insurance cap is only €100,000.
Additional information: UniCredit has not yet disclosed which technology providers it is engaging with, nor has it revealed the project budget or timeline for selection. Whether it will ultimately launch cryptocurrency brokerage, custody, stablecoin services, or tokenized securities products is still under internal discussion.