Insiders say that the Italian bank UniCredit is evaluating expanding its digital assets business scope, which includes services related to crypto asset custody, brokerage, tokenized investment products, and stablecoins. The bank is currently selecting technology suppliers to establish an underlying system for the holding and trading of digital assets, but discussions are still in the early stages, and the final plan has not yet been determined.

This means that the UniCredit layout may further expand from a single crypto-linked product to a more comprehensive digital asset service system. Previously, the bank has provided structured products linked to BlackRock's Bitcoin ETF to professional Italian clients, and it also issued Italy's first tokenized mini-bonds on a public blockchain.

Currently filtering for hosting and brokerage infrastructure.

According to sources, the technical platform that UniCredit is considering introducing is mainly used for two types of capacity building: one is to manage digital assets, and the other is to support customers in buying and selling related assets. If the project moves forward, this system could serve a variety of products, not just a single investment tool.

At present, it has not been decided which services will be finally launched on this platform. Some of the planned services may also be adjusted during subsequent discussions or even abandoned. The spokesperson did not comment on this matter.

UniCredit In the past, its digital asset business mainly targeted professional investors and corporate clients. By adding custody and brokerage capabilities, the bank could offer a wider range of digital asset access methods through its existing banking channels.

Stablecoins and tokenized products are being advanced in tandem.

In addition to its exposure to crypto assets, UniCredit is also researching tokenized investment products, fixed-income securities, and ways for customers to use stablecoins. These plans complement the stablecoin project Qivalis in which it is involved, which is based in Europe.

Qivalis was initiated by several European banks with the goal of launching a stablecoin that is backed 1:1 by the euro and complies with the requirements of MiCA. The project initially involved 10 banks and has since expanded to include 37 banks from 15 European countries, with members including BNP Paribas, ING, ABN AMRO, Rabobank, and Intesa Sanpaolo, among others.

According to the current arrangements, Qivalis plans to launch the token in the second half of 2026, provided that it obtains approval from the Dutch Central Bank. The project will operate as an electronic currency institution, with initial use cases focusing on institutional settlements, fund management, and tokenized assets.

In April this year, Qivalis selected Fireblocks to provide the relevant infrastructure, covering tokenization technology, wallet systems, lifecycle management, as well as identity verification and sanctions screening tools.

MiCA promotes European banks to accelerate their entry

This assessment by UniCredit coincides with the period when European banks are accelerating the promotion of crypto services under the MiCA framework. MiCA has established unified rules for crypto asset service providers and stablecoin issuers within the EU, providing a clearer institutional foundation for banks to carry out custody, trading, and on-chain settlement.

In this context, some European banks have begun to implement related services. For example, Banca Sella of Italy, which is also a member of Qivalis, has obtained approval from the Italian Central Bank and can provide encrypted custody and transfer services through the MiCA notification mechanism.

However, the relationship between banks and stablecoins has also sparked new discussions about risks. Vice Chairperson UniCredit stated in May of this year that if there are future crypto-related banking deposit pressure events, Europe may have a weaker capacity to respond compared to the United States. She mentioned that when Silicon Valley Bank collapsed in 2023, it was revealed that Circle had $3.3 billion in USDC reserves deposited with that bank, while the EU's deposit insurance cap is only 100,000 euros.

Additional information:At present, UniCredit has not disclosed which technology suppliers they are in contact with, nor has they provided a timeline for the project budget and selection process. Whether to ultimately launch encrypted brokerage, custody, stablecoin services, or tokenized securities products is still under internal discussion.