Financial services giant State Street, with roughly $41.8 trillion in assets under custody or administration, is said to be weighing the creation of a stablecoin and deposit token as part of a crypto-solution around settlement, per a Bloomberg report published yesterday.
💠Our thought bubble: It makes sense that the Boston-based firm, which includes SSGA, the asset management arm behind the SPDR ETFs, would reach for blockchain technology in this way.
Its own stablecoin or deposit token would probably not be consumer-facing, but rather for performing back-office functions, with a set of approved counterparties.
State Street did not respond to emailed queries asking for confirmation.
