State Street looks to create its own stablecoin: Bloomberg

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State Street Corp. is looking into creating a stablecoin, Bloomberg reported on Wednesday.

The global financial services firm is looking for ways to get involved in settling payments on the blockchain and is also considering creating its own deposit token. The deposit token would signify customer deposits on a blockchain, according to an anonymous source cited by Bloomberg.

This wouldn't be the first time the country's 12th-largest bank delved into crypto. State Street Global Advisors partnered with Galaxy Asset Management last month to launch exchange-traded funds that provide exposure to crypto firms. State Street also built a new unit in 2021 within the firm focused on digital assets, tokenization and crypto.

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