State Street Bank will launch a tokenization platform and plans to develop products such as tokenized funds and stablecoins.

According to a Bloomberg report on January 15th, State Street Bank is launching a series of tokenized products. The bank will develop tokenized money market funds, exchange-traded funds (ETFs), as well as tokenized deposits and stablecoins. Joerg Ambrosius, President of Investment Services at State Street, stated that the launch of the digital asset platform is a "significant step" in State Street's strategy. State Street currently oversees $51.7 trillion in assets and has previously provided management and accounting services for crypto ETFs. Last December, it also partnered with Galaxy Digital to create a tokenized fund, and will consider providing custody services in the future, depending on regulatory developments.