In 2021, State Street, which established a digital financial services unit called State Street Digital and decided to issue crypto ETFs in partnership with Galaxy Digital a few weeks ago, is now on the way to issue a fixed coin and deposit token.

According to the news of Bloomberg from the US media, State Street also wants to integrate blockchain technology into its systems in order not to lag behind in keeping up with developing technologies. In the news, it was stated that the bank wants to issue a fixed coin, as well as a deposit token is planned to be issued to show the customer balance on the blockchain.

While there was no statement from State Street on the subject, Bloomberg’s unnamed source stated that the bank is also exploring payment options through the on-chain payment company Fnality, in which the bank has invested.

State Street will also issue a crypto ETF

State Street also decided a few weeks ago to issue crypto ETFs in partnership with Galaxy Digital. Here, the funds will be managed by State Street’s investment subsidiary State Street Global Advisors and Galaxy’s related subsidiary Galaxy Asset Management.

Another big bank JPMorgan also has a token called JPM Coin. JPM Coin is used to facilitate fast and secure money transfers between the bank’s corporate (and international) customers.

As it will be remembered, at the end of last year, the French giant Societe Generale also issued a euro-based stable coin.

Founded in 1792 and one of the oldest banks in the US, State Street has $4 trillion in assets under management. Together with customer deposits in the bank, the controlled figure reaches $40 trillion.