State Street, a global custodian bank overseeing more than $4.7 trillion in assets under custody and administration, is reportedly laying the groundwork for a crypto custody offering. According to sources cited by The Information earlier this week, the institution plans to roll out this service in 2026, targeting institutional investors, high-frequency and over-the-counter (OTC) traders, market makers, and large funds.

The report highlights that several other major financial institutions, including BNY Mellon, HSBC, and Standard Chartered, have already established a presence in the crypto sector by offering custody solutions. This is not State Street’s first foray into digital assets, as the firm previously introduced State Street AlphaSM, marking its initial steps toward integrating digital finance.

By June 2021, State Street expanded these efforts with the launch of “State Street Digital,” a dedicated division focused on digital assets. Sources speaking with The Information also shed light on Citigroup’s reported initiatives, suggesting that the financial institution is actively developing its own crypto custody services while simultaneously exploring strategic collaborations with external firms.

As traditional financial institutions deepen their engagement with digital assets, the line between conventional banking and cryptocurrency continues to blur. With major firms expanding their custody offerings, competition for institutional clients is set to intensify. If these initiatives materialize, Wall Street’s embrace of crypto could signal a broader shift toward integrating digital assets into the global financial system.

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