Summary
- Global asset manager State Street has adopted Solana (SOL) as its asset tokenization infrastructure.
- State Street and Galaxy Digital's collaborative product will process investor inflows and redemptions with the stablecoin PayPal USD (PYUSD).
- The industry says Solana could emerge as a destination for tokenized capital inflows due to its processing speed and cost efficiency.
Global asset manager State Street has reportedly chosen Solana (SOL) for asset tokenization.
On the 12th (Korean time), according to Block News, State Street plans to introduce a product called the 'State Street Galaxy On-Chain Liquidity Sweep Fund' that tokenizes the cash management instrument SWEEP through collaboration with Galaxy Digital. Investor inflows and redemptions will be processed with the stablecoin PayPal USD (PYUSD).
The two firms will select Solana as the base network at launch and later expand to Stellar (XLM) and Ethereum (ETH). Chainlink (LINK) technology will be used for cross-chain asset transfers and data linking.
Industry participants say State Street's move is an example showing that public blockchains have reached a level capable of handling institutional-grade assets. In particular, Solana is regarded as an infrastructure that can meet institutional demand in terms of processing speed and cost efficiency, raising the possibility that it could emerge as a major destination for tokenized capital inflows.
Kim Hawkfeld, State Street's global head of cash and digital assets, said, "Through cooperation with Galaxy, we will advance the integration of traditional finance and on-chain one step further."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
