State Street Works on Tokenized Bond and Money Market Fund; No 'Current Plans' for Stablecoin Project

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Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

Boston-based asset management and banking giant State Street is working on bond and money market fund tokenization, but has no imminent plans to create a stablecoin or tokenized deposits, according to a bank executive.

“We don’t have a current plan to issue a stablecoin or tokenise a deposit,” said Donna Milrod, the bank's chief product officer, in. “That doesn’t mean we won’t at some point, but we don’t feel the need to do that right now.” A July report by Bloomberg said State Street was exploring crafting a stablecoin and developing tokenized deposits.

Traditional finance heavyweights and global banks are getting increasingly involved in the tokenization of traditional financial instruments, or real-world assets , placing bonds, funds, credit or commodities onto blockchain rails. The process promises operational benefits such as increased efficiency, faster and around-the-clock settlements and lower administrative costs.

"Operational efficiency alone, that’s not enough. It needs to be something commercial," Milrod said in the interview."The industry is figuring out where the commercial value is." Milton added that collateral tokens could have helped avoid or lessen, for example, the"liability-driven" crisis in 2022, where pension funds could have used money market fund tokens for margin calls instead of liquidating their assets to raise cash.Switzerland-based Taurus as a tokenization partner, CoinDesk reported in August. Milrod said then that the bank would also offer custody for digital assets once the U.S. regulatory environment improves..

 

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