Report: State Street Considering Several Blockchain-Based Projects

Group 1 - State Street is exploring various options for blockchain payment settlements, including creating its own stablecoin and deposit token, joining digital-cash consortiums, and developing solutions through the blockchain payment startup Fnality [1] - Other companies in the financial sector, such as PayPal, Visa, Mastercard, and JPMorganChase, are also engaging in crypto settlement initiatives [1] - Earlier this year, State Street integrated its digital assets team into its overall business to enhance the connection between digital assets and traditional finance [2] Group 2 - The reorganization of State Street's digital assets division involved moving most employees to other units while continuing to provide services and infrastructure for digital assets [2] - State Street aims to deliver a seamless customer experience by combining traditional custody and digital finance, reducing fragmentation for clients [2] - In March, State Street participated in a pilot project called the Canton Network, which included multiple financial institutions to explore blockchain applications in traditional finance [3] Group 3 - The Canton Network project involved 15 asset managers, 13 banks, four custodians, three exchanges, and a stablecoin issuer, focusing on real-time settlement and immediate reconciliation across systems [3] - The project demonstrated that blockchain technology can streamline financial applications while meeting regulatory requirements for asset control, security, and data privacy [3]