Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
State Street Explores Tokenized Bonds and Money Market Funds

State Street Explores Tokenized Bonds and Money Market Funds

CryptoNewsCryptoNews2024/10/08 09:03
By:Shalini Nagarajan

The firm’s decision to tokenize funds is driven by increasing industry recognition of its practical applications in traditional finance.

Last updated:
October 8, 2024 01:07 EDT

US-based financial services giant State Street is reportedly exploring tokenized bonds and money market funds.

Donna Milrod, chief product officer at State Street, told Financial News that the firm is currently working on both projects.

Milrod shared that the firm is working on building tokenized collateral, which could serve as either variation or initial margin in trading. At present, firms must sell money market fund holdings to generate cash for trade margin. By digitizing these funds and using crypto tokens as collateral, the need for redemption could be entirely eliminated.

She also revealed that it has no immediate plans to launch a stablecoin or tokenize deposits. But it hasn’t ruled this out for the future. She added that the decision to tokenize funds is influenced by the growing industry recognition of its practical uses in traditional finance.

The firm didn’t return Cryptonews’ request for comment by press time.

State Street Names New Digital Assets Chief

The financial firm focuses on investment management, servicing and administration. Its division, State Street Global Advisors (SSGA), manages assets and is known for launching one of the first exchange-traded funds (ETFs). The company also provides custody, fund accounting and administration services, handling securities for institutional investors globally.

State Street has expanded its involvement in the crypto sector, forming partnerships to enhance its digital asset services. For instance, it teamed up with Swiss crypto firm Taurus to offer services like tokenizing tangible assets.

Recently, State Street appointed Vanessa Fernandes , formerly an exec at Bank of New York Mellon, to lead its Digital Assets Solutions unit.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!