What's Going On With State Street Stock Wednesday?

State Street Corporation STT shares are trading nearly flat today. Yesterday, the company disclosed a strategic partnership with Swiss cryptocurrency firm Taurus SA to enhance its digital asset capabilities.

Taurus will offer State Street integrated custody, tokenization, and node-management solutions. The collaboration comes amid unprecedented institutional interest in digital assets.

This agreement will strengthen State Street’s Digital Asset Solutions, offering an integrated model to support the entire digital investment lifecycle for its clients.

State Street will utilize three of Taurus’ products: Taurus-PROTECT, Taurus-CAPITAL (which streamlines the creation and management of tokenized assets), and Taurus-EXPLORER (which offers connectivity to multiple blockchain protocols).

Pending regulatory approvals, State Street will use Taurus’ solutions to automate the issuance and servicing of digital assets, such as digital securities and fund management vehicles, adhering to institutional standards.

Donna Milrod, State Street’s chief product officer and head of Digital Asset Solutions, said, “The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class, and this important announcement only enhances our ambition to deliver to our clients an amazing digital asset experience.”

In a separate release, State Street announced the issuance of $1 billion in senior debt.

Last month, the company reported second-quarter fiscal 2024 revenues of $3.191 billion (up 2.6% Y/Y), beating the consensus of $3.146 billion. EPS of $2.15 topped the consensus estimate of $2.03.

Also Read: State Street Is Riding The Wave Of Favorable Market Conditions, Analyst Says

Price Action: STT shares are up 0.10% at $80.50 at the last check Wednesday.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.