State Street eyes blockchain leap with stablecoin, deposit token: Report
The global asset manager may be on its way to the forefront of settlement technology.
According to a report, State Street has taken a serious interest in blockchain settlement technology. The global asset manager has been moving slowly into the crypto space, but it may be making a big leap soon.
An unnamed Bloomberg source said State Street is considering creating its own stablecoin and deposit token. In addition, it may leverage its investment in UK-based payment startup Fnality to create new settlement options and join “digital-cash consortium efforts.”
State Street is not blazing new trails in blockchain settlement. JPMorgan launched its Onyx blockchain and stablecoin and the JPM Coin in 2020. Goldman Sachs began trading digitized bonds on the chain the following year. JPMorgan introduced a tokenization platform called the Tokenized Collateral Network in 2023 and added a programmable payments feature months later.
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Author: Derek Andersen
