ChainCatcher news, State Street Bank selected digital asset infrastructure provider Taurus to provide digital asset services. State Street Bank said that the bank's initial focus is to launch a tokenized version of traditional assets, and will announce the first customer soon.

Donna Milrod, Chief Product Officer and Head of Digital Asset Solutions at State Street Bank, said that State Street Bank has been "very vocal" about the need to revise SAB 121, which may force banks holding cryptocurrencies to maintain a large amount of capital to compensate for risks.

Milrod said: "Although we started with tokenization, this is not our end point. Once US regulations help us, we will also provide digital custody services."