State Street has launched its Digital Asset Platform, aiming to bridge traditional and digital finance by supporting tokenized money market funds, ETFs, cash products, and stablecoins. The platform offers wallet management, custodial services, and digital cash capabilities, operating across public and permissioned blockchains. CEO Ronald O’Hanley emphasized the bank's strategic positioning in the digitalization of financial assets, focusing on efficiency rather than cryptocurrencies like Bitcoin. The platform's initial focus is on tokenizing money market funds, which can serve as collateral and enable faster settlements. State Street's move aligns with other major banks like JPMorgan and Goldman Sachs, which are also exploring blockchain's potential to transform financial services. The bank is preparing for future use cases, such as settling securities with stablecoins, and has invested in Apex Fintech Solutions to expand its digital asset capabilities. O’Hanley noted that the financial impact of these initiatives will be more visible in the medium term.