State Street Bank enters the RWA tokenization field! Explore creating your own stablecoin and deposit tokens

This site (120Btc.coM): Bloomberg reported that State Street Global, the world’s largest issuer of ETF SPY, is expressing interest in stablecoins and tokenized deposits, saying it intends to cooperate with crypto payment startups , explore new settlement solutions together.

State Street enters the field of tokenization

According to Bloomberg citing people familiar with the matter, the banking giant with more than US$4 trillion in assets under management is taking a deeper look at the creation of "stablecoins" and "deposit tokens" to improve Efficiency and cost of fund transfers: State Street Bank is considering creating its own stablecoins and deposit tokens, and is interested in creating new blockchain settlement solutions through its investment in crypto payment company Fnality.

It is reported that Fnality received US$95 million in financing led by Goldman Sachs in November last year, with participation from many financial giants such as WisdomTree, Nomura and State Street Bank.

State Street has always been one of the banks that has been low-key involved in the crypto field. It established a dedicated digital finance department in 2021 and provides custody services for a number of Bitcoin ETFs.

Last month, the company also announced a partnership with crypto investment company Galaxy Digital to promote the creation of new digital asset ETFs.

Traditional finance is actively deploying RWA

It is not new for banks and asset management giants to enter the field of encryption technology, even for stablecoins and deposit tokens, including:

• JP Morgan Chase: Launching Onyx Zone in 2020 The blockchain and its own stable currency JPM Coin will launch the Tokenized Collateral Network (TCN) in 2023

• Goldman Sachs: The tokenized platform GSDAP will be launched in 2023 and continue to issue and trade US funds and European bonds on the platform

• BlackRock: Launching the USD Institutional Digital Liquidity Fund BUIDL in 2023, it has tokenized more than US$1.8 billion in U.S. Treasury bonds so far

• Fidelity: Issuing fund tokens on zkSync through crypto bank Sygnum, and also cooperates with Chainlink Cooperation to put financial data on the chain

However, it is not just the financial industry, authorities in various countries are exploring or working on creating tokenized assets.

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