State Street, a prominent asset manager in the U.S., is making strides in tokenizing bonds and money market funds (MMFs), with no immediate plans for a stablecoin or tokenizing deposits. Donna Milrod, State Street's chief product officer, stated, "That doesn't mean we won't ever do it, but we don't see the need right now." Instead, State Street is focusing on two tokenization projects for bonds and MMFs. Leveraging tokenized collateral could potentially mitigate debt crises like the one witnessed in 2022.