234-year-old bank launches stablecoin fund

The dream of decentralized finance is dead now that 234-year-old State Street is acting as the vault for stablecoin reserves. By launching the SSCXX fund, Wall Street is effectively absorbing the crypto economy into the legacy banking system. If the projected $4 trillion stablecoin market is backed by the very institutions crypto was meant to replace, is there any actual innovation left, or is "onchain" just a marketing term for a bank deposit? What’s your take?
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