According to people familiar with the matter, the global custodian bank State Street's blockchain strategy has developed in a new direction, and dozens of developers have been cut in the process. Another person familiar with the matter said that most of the blockchain team had gone, and more than 100 people had been fired. Now there are "only a few token-related people" on the team. The source said State Street was abandoning its internal DLT program. "They are more focused on digital assets, stablecoins, escrow and USC plans (utility settlement coins developed by the Fnality consortium)."