State Street plans its own Stablecoin integration

With $4 trillion in assets under management, State Street is among the titans of the traditional financial landscape. Now the company is lunging into the crypto sector.

Asset manager State Street announces the launch of a crypto-stablecoin, reports Bloomberg. According to insiders, the TradFi giant has plans to launch this proprietary stablecoin soon. In addition, the company wants to tokenize customer deposits to manage them via blockchain.

With $4 trillion in assets under management, State Street is among the five largest asset managers in the world. In this regard, the company is larger than U.S. major banks JPMorgan or Goldman Sachs.

Both banks, meanwhile, are also said to have plans for blockchain and crypto integration. While JPMorgan has long been known for its experiments with blockchain through Onyx, Goldman Sachs recently announced three of its own tokenization projects to want to start.

With PayPals PYUSD a well-known payment processor already launched its own stablecoin. Credit card companies MasterCard and Visa are also researching blockchain payments.

State Street's planned move would be one of the largest among TradFi companies. This news does not come out of the blue. The company's own survey found that about half of the 300 companies surveyed said they were willing to trade digital assets, provided the necessary infrastructure is in place.

With that, more crypto ambitions are likely to follow for the world's fifth-largest asset manager.