Portugal’s Bison Bank to Launch Portuguese Stablecoin, Merge with BDA and Tokenize RWAs
Bison Bank, Portugal’s first crypto-focused bank, announced plans to launch a Portuguese stablecoin pegged to fiat in H1 2026, merge its crypto arm Bison Digital Assets (BDA) into the main bank, and begin tokenizing real-world assets (RWAs) such as real estate and investment funds. CEO António Henriques said the stablecoin and expanded services aim to bridge traditional finance and blockchain, improve cross-border payments and reduce fees for clients across 140+ countries. Post-merger services will include crypto-asset deposit transfers, custody, and exchange services for institutional and retail clients. The move follows Portugal’s implementation of the EU’s MiCA regulation (Law 69/2025) in December 2025, with the Bank of Portugal and CMVM designated as supervisors. Details on the stablecoin’s design, peg currency, issuance model, and regulatory approvals were not disclosed.
Bullish
The announcement is broadly bullish for crypto markets, particularly for stablecoins, custody services and RWA tokenization. A regulated bank-issued stablecoin from an established financial institution can increase institutional trust, liquidity and on-ramps between fiat and crypto — factors that support demand for stablecoins and tokenized asset infrastructure. The planned custody, transfer and exchange services may draw institutional flows and reduce frictions in cross-border payments, supporting volumes and market depth. Similar moves (bank-backed stablecoins, regulated custodians) historically produced positive sentiment: examples include Paxos’ issuance partnerships and regulated custodial offerings that expanded institutional participation. Short-term effects: modest positive sentiment for stablecoin and infrastructure tokens, potential on-chain volume upticks as clients pilot services, and selective buying interest in relevant stocks/services. Long-term effects: improved market stability and deeper liquidity if the stablecoin gains usage; greater adoption of RWA tokenization could open new liquidity pools and product opportunities. Risks that temper bullishness: lack of disclosed peg currency, issuance model, and regulatory approvals could delay impact; competition from global stablecoins and central bank digital currency initiatives; any regulatory friction or reserve transparency issues could produce volatility. Overall, the news lowers structural barriers and is a net positive for market infrastructure and institutional adoption, but substantial market impact depends on execution, transparency, and regulatory clearance.