TL;DR
- Banca Sella has launched a Fireblocks-powered pilot allowing select employees to custody stablecoins, marking one of Europe’s first bank-led stablecoin initiatives.
- The summer-long trial will assess security, transaction speed, and compliance, potentially paving the way for digital asset services to its 1.4 million clients managing €66 billion.
- Under emerging MiCA rules, this move joins peers like Intesa Sanpaolo and Société Générale in integrating traditional banking with blockchain-based finance.
Banca Sella, Italy’s fifth-largest banking group, has quietly kicked off an internal pilot that lets a select group of employees hold stablecoins under its vault. Headquartered in Biella, Piedmont, the century-old lender is known for pioneering digital banking in Italy.
The move, which taps Fireblocks’ institutional-grade custody software, marks one of the first European bank experiments solely dedicated to stablecoin custody. Running through the end of summer, the trial could pave the way for broader digital asset services to over 1.4 million customers overseeing €66 billion in assets.
Banking on Stablecoins
Financial institutions have long-eyed stablecoins for their promise to streamline payments, cut cross-border friction, and offer price stability linked to fiat currencies. European regulators are laying groundwork under MiCA, giving banks a clearer pathway to experiment with digital tokens. Banca Sella’s trial underscores how traditional lenders are sharpening their digital playbooks, balancing client demand with careful risk management.
Inside the Fireblocks Partnership
To power its custody experiment, Banca Sella tapped New York-based Fireblocks, a platform renowned for its multi-party computation and hardware security modules. Fireblocks connects more than 1,800 institutional partners, from trading desks to liquidity providers, through a secure network that streamlines token transfers.
The platform’s built-in compliance tools help banks monitor transactions and meet regulatory standards. This collaboration offers the bank advanced controls over digital asset workflows while insulating customers from private key complexities.
A Controlled Rollout
The pilot restricts participation to a handful of employees, ensuring the bank can fine-tune security protocols before any public launch. Throughout the summer, internal auditors will gauge system resilience, transaction latency, and compliance readiness. Once the trial concludes, executives will weigh opening the stablecoin vault to all customers, potentially transforming how clients manage liquidity on the platform.
Setting the Stage for Crypto Services
Banca Sella’s foray follows moves by Intesa Sanpaolo, which launched a spot bitcoin desk, and UniCredit, eyeing structured products tied to Bitcoin ETFs. French giant Société Générale is also ramping up its stablecoin offerings, highlighting a regional trend toward digital finance integration. Italy’s innovative banking group aims to blend traditional finance strengths with emerging blockchain efficiency.
