Cryptocurrencies
State Street Said to Explore Creating Stablecoin, Deposit Token
- The asset manager is looking at crypto settlements options
- Timeline for implementation has not been set yet, source says
State Street Financial Center in Boston, Mass.
Photographer: Vanessa Leroy/BloombergThis article is for subscribers only.
Financial services and banking giant State Street Corp. is exploring ways to get involved in settling payments on blockchain, according to a person familiar with the matter.
The Boston-based asset manager, which reported higher-than-expected revenue and interest income on Tuesday, is exploring creating its own stablecoin — a cryptocurrency that runs on a blockchain and is pegged to an asset such as the dollar. It’s also considering creating its own deposit token, which would represent customer deposits on a blockchain, according to the person, who asked for anonymity because the work hasn’t been made public. A State Street spokesperson declined to comment.