State Street Bank has announced the launch of its digital asset platform, marking its entry into the tokenized deposit and stablecoin market. The platform will offer tokenized money market funds, ETFs, stablecoins, and deposit products, developed in collaboration with its asset management division and partner institutions. This move signifies a strategic shift for State Street from providing back-office services to engaging directly in asset issuance. Previously, State Street partnered with Galaxy Digital to issue tokenized funds and is exploring the possibility of offering crypto custody services. This initiative highlights the bank's commitment to expanding its digital asset capabilities and adapting to the evolving financial landscape.