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BTCRepublic > News > Stablecoins News > $3.7 Trillion State Street Taps Blockchain For Stablecoin and Deposit Token
Stablecoins News

$3.7 Trillion State Street Taps Blockchain For Stablecoin and Deposit Token

Ali Raza
Last updated: October 25, 2024 3:50 pm
Ali Raza
Published: July 18, 2024
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Disclosure: BTCRepublic provides analysis and forecasts but does not offer investment advice. Our content is for informational purposes only. Please conduct your own thorough research and consult with a financial advisor before making any investment in cryptocurrency.
$3.7 Trillion State Street Taps Blockchain For Stablecoin and Deposit Token
Highlights
  • State Street is planning to release stablecoins and tokenized deposits.
  • The bank is also exploring settlements using blockchain technology.
  • The development comes as more Wall Street giants dip their toes into the crypto industry.

State Street, an asset management and banking giant based in the US, plans to release stablecoins and tokenized deposits supporting payment transfers through blockchain. 

Contents
State Street Explores Blockchain Foray Into Crypto 

According to Bloomberg, the bank plans to explore blockchain technology and related offerings using the Fnality International fintech firm in which it has invested. 

State Street Explores Blockchain 

The report noted that State Street plans to explore settlements using blockchain technology. Furthermore, it is also planning to create its stablecoin and a deposit token that can be used to make payments and transfers. 

🚨BREAKING🚨

BANKING GIANT STATE STREET
WITH $3.7 TRILLION AUM SAID IT
IS LOOKING TO CREATE ITS OWN
STABLECOIN AND DEPOSIT TOKEN.

BANKS DON’T WANT TO MISS OUT 🔥 pic.twitter.com/fWjz1wzETj

— Ash Crypto (@Ashcryptoreal) July 18, 2024

Deposit tokens are blockchain-based representations of bank deposits. These tokens could help increase the efficiency and transparency of bank deposits. 

State Street adds to the growing number of traditional finance heavyweights exploring cryptocurrencies. PayPal, a leading payments company, announced the launch of the PYUSD stablecoin. The stablecoin seeks to improve payment settlements. 

Other financial companies that are exploring blockchain technology include BlackRock and Fidelity. The firms are already exploring tokenizing real-world assets to expose investors to the cryptocurrency industry amid rising demand. 

The largest bank in the US, JPMorgan, is also exploring blockchain offerings. The bank released the Onyx virtual trading desk on the metaverse. Last year, it launched a stablecoin, a JPM Coin, and a Tokenized Collateral Network. 

Leading investment bank Goldman Sachs has also not been left behind with its digitized bond trading. 

Tokenizing financial assets has operational benefits such as improved efficiency, speed, lower costs, and real-time settlements. The financial assets that can be tokenized using blockchain technology include bonds, funds, or credit. 

Foray Into Crypto 

The recent offering does not mark State Street’s first venture into the cryptocurrency industry. Its foray into the sector started in 2021 when the bank launched a dedicated digital finance unit catering to the needs of digital-savvy investors. 

This division faced multiple challenges, with State Street layer announcing layoffs. The industry was later revived, and it became one of the fundamental units in the bank’s operations in 2024. 

State Street was also involved in a security transaction settlement testing phase using blockchain in 2022. The trial also included the participation of other financial firms, including the Depository Trust and Clearing Corporation (DTCC). 

JUST RELEASED: Results from @Digital_Dollar_ and @The_DTCC Security Settlement Pilot, the first private sector initiative to explore how tokenized securities and a wholesale #CBDC could operate within the U.S. settlement infrastructure leveraging #DLT. https://t.co/I5NApRwlls

— The Digital Dollar Project (@Digital_Dollar_) November 30, 2022

The banking giant is also involved in spot Bitcoin exchange-traded funds (ETFs), whose hype across the cryptocurrency industry continues to skyrocket. It serves as the fund administrator for the Galaxy Digital Bitcoin ETF. 

State Street has been working with Galaxy Digital on various initiatives, including the SPDR Galaxy Emerging Technology Enablers ETF and the SPDR Galaxy Digital Asset Ecosystem ETF.

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TAGGED:BlockchainCrypto

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Ali About Us
ByAli Raza
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Ali Raza is a seasoned writer with over twelve years of experience specializing in cryptocurrency, blockchain, and the fintech industry. He has contributed to leading industry publications and authored hundreds of insightful articles in the fast-evolving digital asset space. His analytical skills and in-depth research give readers valuable perspectives on the industry.
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