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State Street is said to be considering creating stablecoins and deposit tokens
Financial and banking services giant State Street Corp. is exploring ways to participate in blockchain payments regulation, according to a person familiar with the matter.
The Boston-based asset manager, which reported higher-than-expected revenue and interest on Tuesday, is exploring creating its own stablecoin, a cryptocurrency that runs on a blockchain and is pegged to an asset like the dollar. It is also exploring creating its own deposit token, which would represent customer deposits on a blockchain, according to the person, who requested anonymity because the work has not been made public. A State Street spokesperson declined to comment.