Custody bank State Street is moving to develop tokenised fund products, as global banks look to use blockchain in financial infrastructure. State Street is working with its asset management unit on tokenisation projects for institutional investors and clients, including a tokenised private liquidity fund developed with Galaxy Digital. It plans to expand digital asset custody by 2026. BNY Mellon has introduced tokenised deposit services for payments, collateral and margin trading. A 2025 report said about 60 percent of institutional investors plan to increase digital asset exposure.