FX168 Financial News Agency (Asia Pacific) reports that US President Biden has been diagnosed with COVID-19, Democratic party leaders urge him to withdraw from the election, while Republican presidential candidate Donald Trump's approval rating for his win in November has surged to 65%. Bloomberg cites sources revealing that State Street Corp., the giant of US financial services and banking, plans to create stablecoins and deposit tokens.
According to ZeroHedge, a well-known financial blog, Biden's coronavirus test result came back positive. UnidosUS President Janet Murguía announced the diagnosis to the audience at the organization's national conference in Las Vegas.
New York State Democratic Senate Majority Leader Chuck Schumer has withdrawn from the election for the greater good of the country and the Democratic Party, just eight days after declaring, "I stand with Biden."
According to Polymarket prediction market data, Trump's November victory price has soared to 65%, and Vice President Kamala Harris's support has surpassed Biden's, but still only reaches 16%. #US Presidential Election#
(Source: Polymarket)
Bloomberg pointed out that State Street Corp. announced higher-than-expected revenue and interest income on Tuesday, July 16, and the company is exploring the creation of its own stablecoins, a cryptocurrency that runs on blockchain and is pegged to assets such as the US dollar.
(Source: Bloomberg)
According to an anonymous source, the company is also considering creating its own deposit tokens, which will represent customer deposits on the blockchain.
Insiders say that State Street Corp. is also evaluating the possibility of joining the digital cash consortium and is studying a solution through investing in Fnality, a blockchain payment start-up that is expanding into the US.
The crypto industry has long argued that using blockchain can make global payments faster and cheaper. Many traditional financial companies have entered the offering of cryptocurrency settlements, and PayPal launched its own stablecoin in 2023, while credit card networks Visa and Mastercard already support stablecoin-based settlements.
In addition, JPMorgan, the largest bank in the United States, is exploring deposit tokens.
State Street Corp. has begun to increase investment in digital asset business. Earlier this year, the company integrated members of the digital asset team into the overall business, hoping to combine traditional finance with digital assets more closely.
As the third largest exchange-traded funds (ETFs) manager, State Street Corp. has begun to provide fund management and accounting services for cryptocurrency ETFs. Recently, the company also partnered with Galaxy Asset Management to develop digital asset ETFs, further expanding its digital asset business.
State Street Corp. says that in the coming months, it will focus on the tokenization of funds and other assets. A recent survey of 300 investment institutions conducted by the company found that nearly half of the institutions are ready to trade digital assets on distributed ledgers and blockchains as well as outside of blockchains, provided they have the appropriate infrastructure.