State Street, a $36 billion institutional banking giant, is pivoting to overhaul legacy finance with the launch of a comprehensive Digital Asset Platform. The move signals a major shift for the Boston-based custodian, moving from “experimentation” to full-scale commercial deployment of blockchain technology.
The new platform is designed to tokenize traditional financial instruments, including money market funds (MMFs), exchange-traded funds (ETFs), and other real-world assets. It will also support cash products like tokenized deposits and stablecoins, bridging the gap between digital and traditional ecosystems.
“We are moving beyond experimentation and into practical, scalable solutions that meet the highest standards of security and compliance,” said Joerg Ambrosius, President of Investment Services at State Street.
The bank, which oversees $51.7 trillion in assets under custody, has been quietly building its infrastructure, recently partnering with crypto firm Galaxy Digital and custody tech provider Taurus. This launch positions State Street to compete directly with other traditional finance (TradFi) titans racing to tokenize the global economy.