BTC price dropped to $64,000, but good news keeps coming. The world’s largest companies are entering this field. After BlackRock, Fidelity, and others, now State Street is also entering the crypto space. Moreover, since major asset managers have not yet taken steps for a BTC ETF, we have strong potential for more good news in the future.
Latest News on Cryptocurrencies
State Street, the world’s fourth-largest asset manager, manages $4 trillion in assets. Although this news might seem overshadowed by BlackRock, the world’s largest, issuing BTC and ETH ETFs, it is significant in reflecting traditional markets’ interest in crypto. According to a recently published Bloomberg report, people familiar with the matter say the company is working on issuing a stablecoin.
Although the exact timeline is not clear, the company will issue a dollar-indexed cryptocurrency, i.e., its own stablecoin, working on the blockchain. This will be a stablecoin and deposit token. Customer deposits will be represented on the network. This move by the company could trigger another wave of hype as other financial institutions follow suit.
