UniCredit plans digital asset push with crypto custody, brokerage

Italian lender UniCredit is evaluating a broader digital‑asset platform that could let clients hold, trade and invest in crypto‑related products. The bank is in early talks with technology providers to build infrastructure for custody, brokerage and tokenized securities, while also considering stablecoin services.

Potential service suite

The contemplated platform would go beyond the bank’s current crypto‑linked offerings for professional investors. It could support:

• Custody of digital assets
• Brokerage and trading execution
• Tokenized investment products, including fixed‑income securities
• Stablecoin usage and exposure to cryptocurrencies

Recent crypto‑related activity

UniCredit has already tested crypto exposure through traditional products. It offered a structured certificate linked to BlackRock’s iShares Bitcoin Trust ETF, providing capital protection while delivering Bitcoin‑linked returns. The bank also issued Italy’s first tokenized minibond on a public blockchain, demonstrating experience with blockchain‑based securities.

Stablecoin involvement via Qivalis

UniCredit is a member of Qivalis, a European banking consortium developing a euro‑denominated stablecoin. Qivalis aims to launch a MiCA‑compliant token in the second half of 2026, backed 1:1 by euros and intended for institutional settlement and tokenized assets. The consortium recently expanded to 37 banks across 15 countries and has selected Fireblocks for token‑issuance infrastructure.

Regulatory context

The initiative aligns with the EU’s Markets in Crypto‑Assets (MiCA) framework, which standardises rules for crypto‑service providers and stablecoin issuers. Other European banks, such as Banca Sella, have already obtained approval to offer crypto custody under MiCA.

Next steps

UniCredit has not disclosed which technology partners are under consideration, the budget for the project, or a timeline for a final decision. The bank’s deputy vice‑chair, Elena Carletti, has warned of potential stress scenarios involving crypto‑linked deposits, underscoring the importance of a regulated approach.