Custody giant State Street to roll out tokenized products in bid to expand digital asset services
State Street's digital-asset platform signals strategic pivot to direct product development in finance.
Key Takeaways
- State Street is expanding into digital assets with a new suite of tokenized products, including money-market funds, ETFs, tokenized deposits, and stablecoins.
- The firm has shifted from its traditional back-office roles toward active product development within digital assets.
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Major custody bank State Street plans to launch tokenized deposits, stablecoins, money-market funds, and ETFs as it grows its footprint in the digital asset market, Bloomberg reported Thursday.
The bank plans to collaborate with institutional clients, money managers such as Franklin Resources and Fidelity, and its own asset-management arm, building on partnerships like its recent tokenized fund with Galaxy Digital.
State Street may also explore offering custody services later, further deepening its role in the tokenized asset space.
This is a developing story.
