State Street is reportedly creating its own stablecoin and deposit token.

The company is considering new ventures in blockchain technology and aims to use blockchain to settle payments. This development is part of State Street’s broader strategy to integrate digital assets like crypto into its services and offerings. 

The proposed stablecoin would be a blockchain-based currency pegged to a traditional asset, most likely the dollar, while the deposit token would represent customer deposits on a blockchain. 

A deposit token is like a regular deposit held by a licensed depository institution, such as a commercial bank, but it is recorded on a blockchain.

Bloomberg was first to report this move.

Stablecoin developments

The move follows similar efforts by other major players in …