State Street is exploring ways to get involved in settling payments on blockchain, according to a person familiar with the matter cited by Bloomberg.
The Boston-based asset manager, which reported higher-than-expected revenue and interest income in its latest results, is exploring creating its own stablecoin. It’s also considering creating its own deposit token, which would represent customer deposits on a blockchain, according to the person, who asked Bloomberg for anonymity because the work hasn’t been made public.
Timeline for implementation has not been set yet, the source said.