UniCredit has begun exploring an expansion of its digital asset business that could give clients access to crypto custody, brokerage, tokenized investments and stablecoin services.
Summary
- UniCredit is selecting a technology provider for infrastructure that could support digital asset custody and brokerage services.
- The bank is considering tokenized investments, fixed income securities, stablecoin services and ways for clients to gain crypto exposure.
- UniCredit has already offered professional clients a product linked to BlackRock’s Bitcoin ETF and issued a tokenized minibond on a public blockchain.
- The bank is part of Qivalis, a European banking consortium preparing to launch a euro denominated stablecoin.
People familiar with the plans said the Italian bank is selecting a technology provider that could supply the infrastructure needed to hold digital assets and support their purchase and sale, although discussions remain at an early stage and no final decision has been made.
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.
Potential uses under consideration include tokenized investment products and fixed-income securities, according to the people. UniCredit is examining how clients could use stablecoins and gain exposure to cryptocurrencies through the infrastructure.
A UniCredit spokesperson declined to comment.
UniCredit considers crypto custody and brokerage infrastructure
The technology provider under consideration would give UniCredit the systems required to custody digital assets and facilitate trading, creating infrastructure that could support several products rather than a single investment offering.
Specific services have yet to be decided, and the bank could change or abandon parts of the plan while discussions continue.
UniCredit has already tested crypto exposure through traditional investment products. In July 2025, crypto.news previously reported that the bank had 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. It allowed eligible clients to participate in Bitcoin-linked returns without holding the cryptocurrency directly.
UniCredit has so far concentrated its digital asset activity on professional investors and corporate clients. Building custody and brokerage technology could give the lender another route for offering digital assets through its existing banking operations.
The bank has taken a similar approach to blockchain-based securities. Late last year, UniCredit issued Italy’s first tokenized minibond on a public blockchain, using blockchain infrastructure to issue and transfer a traditional financial instrument.
Its latest discussions cover tokenized fixed-income securities as one of the possible areas where the new infrastructure could be used.
Stablecoins form another part of UniCredit’s plans
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.
The project initially brought together 10 banks, including UniCredit, BNP Paribas, ING, Banca Sella, KBC, DekaBank, Danske Bank, SEB, CaixaBank and Raiffeisen Bank International. Qivalis is targeting the second half of 2026 for the token’s launch, subject to regulatory approval.
Its membership has since expanded sharply. In May, Qivalis expanded to 37 banks across 15 European countries after adding 25 institutions, including ABN AMRO, Rabobank, Nordea and Intesa Sanpaolo.
Qivalis plans to operate as an electronic money institution under supervision from the Dutch central bank. The group is seeking to issue a MiCA-compliant token backed 1:1 with euros, with its first uses centered on institutional settlement, treasury operations and tokenized assets.
In April, the banking group selected Fireblocks for infrastructure supporting the planned token. Fireblocks is providing tokenization technology, wallet infrastructure and lifecycle management tools, alongside systems for identity verification and sanctions screening.
UniCredit’s separate technology search could cover stablecoin use by its own clients, according to the people familiar with the bank’s plans. Details on how those services would operate or whether they would connect with Qivalis have not been finalized.
MiCA gives European banks a framework for crypto services
The plans are being considered as European banks increase their work with crypto assets, tokenized securities and blockchain-based settlement under the European Union’s Markets in Crypto-Assets regulation.
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. Italy’s Banca Sella, another Qivalis member, received Bank of Italy approval to provide crypto custody and transfer services through MiCA’s notification route for credit institutions.
The relationship between banks and stablecoin issuers has brought its own regulatory questions. UniCredit deputy vice chair Elena Carletti, who chairs the bank’s board risk committee, warned in May that Europe could face difficulties responding to stress involving crypto-linked bank deposits.
Carletti cited the 2023 collapse of Silicon Valley Bank, when Circle disclosed that $3.3 billion of reserves backing USDC were held at the failed lender. She said European authorities could have fewer options to provide similar protection because EU deposit insurance is capped at €100,000.
Her comments came while UniCredit was participating in the Qivalis stablecoin project and European lenders were preparing regulated blockchain-based payment and settlement services under MiCA.
Qivalis’ planned token remains scheduled for the second half of 2026, subject to authorization from De Nederlandsche Bank.
UniCredit builds out digital capital markets business
UniCredit has been developing its digital capital markets operations outside cryptocurrency products as well.
This week, the bank announced that it had acquired a minority stake in VC Trade, a German platform focused on lending markets. The investment is intended to expand UniCredit’s digital capital markets capabilities.
Its technology search would add another piece to that work by creating infrastructure capable of holding and trading digital assets directly.
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. Decisions on whether UniCredit will ultimately offer crypto brokerage, custody, stablecoin services or tokenized securities through the system remain under discussion.
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