Asset manager WisdomTree has been granted a charter from the New York State Department of Financial Services to operate as a limited-purpose trust company under the New York Banking Law.
The new approval will enable WisdomTree plans to become a leading company in New York’s rapidly evolving digital asset space, wrote Jonathan Steinberg, the founder and CEO of WisdomTree: The charter enables WisdomTree to offer digital asset custody services, including wallet services, issuing DFS-approved stablecoins, and managing stablecoin reserves under the newly formed entity, WisdomTree Digital Trust Company.With the new charter, WisdomTree Digital Trust will first launch the WisdomTree Gold Token and the WisdomTree Dollar Token within the mobile app.
Issuers must also guarantee the redeemability of the stablecoins at a 1:1 exchange rate to the U.S. dollar.