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 cryptocy 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.
State Street is also evaluating joining digital-cash consortium efforts and is looking at settlement options through its investment in Fnality, a blockchain payment startup that’s expanding into the US, the person said. A spokesperson for the company declined to comment.
The crypto industry has long said that using blockchain — a digital ledger — can make payments move around the world faster and cheaper. A number of traditional financial companies have already stepped in to provide crypto settlement: PayPal introduced its own stablecoin last year, and card networks Visa and Mastercard already enable stablecoin-based settlement. US’s biggest bank, JPMorgan Chase & Co., is exploring deposit tokens.
Stablecoin giant Tether has dramatically escalated its enforcement activity after blacklisting 370 blockchain addresses and freezing approximately $514.64 million worth…
Crypto exchange giant Coinbase experienced a major service outage that disrupted trading, transfers, and exchange operations after…
Cross-chain messaging protocol LayerZero has publicly apologized for its handling of the massive Kelp DAO exploitthat drained approximately $292…
Executives from PayPal and Google Cloud said the future of “agentic commerce” — where AI agents autonomously buy goods,…
Crypto exchange giant Kraken is making a major move deeper into the U.S. financial system after its…
A major national security scandal has erupted in Taiwan after prosecutors indicted a Taiwanese news…