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State Street Partners with Taurus to Enter Digital Assets

State Street, one of the world's largest custody banks with $44.3 trillion in assets, is teaming up with Swiss-based crypto firm Taurus to make its entry into the digital asset space. The partnership will focus on tokenizing traditional assets, marking a strategic move into digital finance. This initiative comes as U.S. regulatory challenges, particularly the SEC's SAB 121 regulation, require banks to hold significant capital reserves for crypto custody, delaying the full rollout of crypto custody services.

Despite these hurdles, State Street is preparing for a future where digital assets play a central role. The first tokenization client is expected to be announced soon, with plans to expand into full crypto custody services as regulations allow. Donna Milrod, State Street’s Chief Product Officer, emphasized their readiness to move forward when the regulatory environment improves. With Taurus providing expertise in tokenization and 24/7 trading, this partnership is seen as the beginning of a broader strategy to embrace digital assets.