State Street, a major asset management and banking firm based in Boston, is currently focused on tokenizing bonds and money market funds but has no immediate plans to create a stablecoin or tokenized deposits. A report by Bloomberg earlier this year said that State Street was exploring creating a stablecoin and developing tokenized deposits. Chief product officer Donna Milrod indicated that while the possibility remains for the future, the bank's current efforts are directed toward developing tokenized collateral for traders. This initiative is part of a broader trend among financial institutions to tokenize traditional assets, which can enhance efficiency and reduce costs. State Street has also partnered with Switzerland-based Taurus for tokenization and plans to offer custody services for digital assets when U.S. regulations improve. Source: Coindesk