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🛑🛑🛑 State Street Bank: Pioneering Blockchain Deposit Tokens and Digital Assets

State Street Bank is set to unveil significant innovations by launching its own deposit token, which will map customer deposits directly onto the blockchain. This development marks a crucial step for the bank in the digital finance landscape. Concurrently, State Street is considering joining the Digital Cash Alliance and accelerating its strategy by investing in Fnality, a start-up focused on blockchain payments and expansion into the U.S. market.

With increasing calls from the crypto industry for enhanced global payment efficiency and cost reduction, State Street's actions align well with current market trends. Major financial players like PayPal, Visa, and Mastercard are already leading the way with stablecoins and related settlement systems, while banking giants such as JPMorgan Chase are exploring deposit tokenization.

As a key figure in traditional finance, State Street has significantly boosted its investment in digital assets this year. The bank has integrated its team resources and partnered with Galaxy Asset Management to develop digital asset ETFs, expanding its service offerings. According to its latest survey, half of investment institutions are open to digital asset transactions on distributed ledgers and blockchains, highlighting substantial market potential.

Looking ahead, State Street aims to focus on fund and asset tokenization, leveraging blockchain technology to bridge traditional finance with digital assets. This initiative is poised to usher in a new era of financial services.

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