State Street expands tokenization push as banks rush to bring cash and funds onchain: Bloomberg
State Street is developing tokenized versions of traditional funds and cash products to meet growing institutional demand for onchain finance.Summary
State Street is significantly expanding its digital-asset strategy by building tokenized versions of traditional financial products, including money-market funds, ETFs, and cash instruments like tokenized deposits and stablecoins. This effort positions tokenization as an upgrade to existing investment structures rather than launching crypto-native vehicles, building upon State Street's existing crypto servicing role. This move aligns with a broader industry trend, as major banks like BNY Mellon activate tokenized deposit services and asset managers like Franklin Templeton update funds for blockchain settlement. State Street's expansion is driven by observed institutional demand, with nearly 60% of institutional investors planning to increase their digital-asset exposure.
(Source：The Block)