Italian bank UniCredit is exploring an expansion of its digital asset business that could provide clients access to crypto custody, brokerage, tokenized investments and stablecoin services. According to reports from crypto.news, the bank is currently selecting a technology provider for infrastructure that could support digital asset custody and brokerage services. The work could take UniCredit beyond the individual crypto-linked products it has offered professional investors and give the bank technology for a larger set of digital asset services. As per Phemex News, the discussions remain at an early stage, with the bank evaluating digital asset custody and brokerage services alongside tokenized products, stablecoin use and cryptocurrency exposure for clients.
The bank has already offered professional clients a product linked to BlackRock's Bitcoin ETF and issued a tokenized minibond on a public blockchain. As reported by crypto.news, in July 2025, UniCredit introduced a structured product linked to IBIT for professional clients in Italy. The five-year, dollar-denominated investment certificate was tied to BlackRock's iShares Bitcoin Trust ETF and offered full capital protection at maturity, allowing eligible clients to participate in Bitcoin-linked returns without holding the cryptocurrency directly. According to Phemex News, the bank has previously offered structured products linked to BlackRock's IBIT and issued Italy's first tokenized mini-bond on a public blockchain.
Stablecoins are already part of UniCredit's digital asset strategy through Qivalis, the Amsterdam-based company formed by European banks to develop a euro-denominated stablecoin. According to crypto.news, the project initially brought together 9 banks including UniCredit, BNP Paribas, ING, Banca Sella, KBC, DekaBank, Danske Bank, SEB, and Raiffeisen Bank International. Qivalis is targeting the second half of 2026 for the token's launch, subject to regulatory approval, and has since expanded to 37 banks across 15 European countries after adding 25 institutions including ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo. The initiative represents a landmark effort by European banks to develop euro stablecoins and build advanced on-chain financial infrastructure, with the project adopting a 1:1 reserve model where every euro stablecoin is fully backed by an equivalent euro reserve.
The plans are being considered as European banks increase their work with crypto assets under the European Union's Markets in Crypto-Assets regulation. As reported by crypto.news, MiCA established a common regulatory framework across the bloc for crypto asset service providers and stablecoin issuers, replacing a system where requirements differed between national markets. Several banks have since moved into areas such as custody, trading and stablecoin infrastructure, with Italy's Banca Sella receiving Bank of Italy approval to provide crypto custody and transfer services through MiCA's notification route for credit institutions. The regulatory framework demands that issuers, reserves, redemption mechanics, disclosures, and operations all adhere to EU's regulatory framework, with Qivalis pursuing electronic money institution authorization from the Dutch Central Bank (DNB).
The technology search would add another piece to UniCredit's broader digital capital markets strategy. According to crypto.news, this week the bank announced it had acquired a minority stake in VC Trade, a German platform focused on lending markets, to expand its digital capital markets capabilities. The bank has not disclosed which technology providers are being considered, how much it could spend on the project or when a provider might be selected, with decisions on whether UniCredit will ultimately offer crypto brokerage, custody, stablecoin services or tokenized securities through the system remaining under discussion. As per Phemex News, the plans under consideration also include tokenized investment products and fixed-income securities, stablecoin use by clients, and cryptocurrency exposure.
