WisdomTree's Big Move: NYDFS Nod Opens Door to Digital Asset Custody and Stablecoin Issuance

WisdomTree Secures NYDFS Charter for Digital Asset Custody and Stablecoin Issuance

Global financial company WisdomTree has obtained approval from the New York State Department of Financial Services (NYDFS) to operate as a New York limited-purpose trust company. This approval grants WisdomTree the authority to engage in digital asset activities, including custody of digital assets and stablecoin issuance.

WisdomTree's Digital Trust Company, LLC, will provide products within the WisdomTree Prime ecosystem, such as the WisdomTree Gold Token and the WisdomTree Dollar Token, with reserves maintained under a DFS-approved framework. Additionally, the charter allows WisdomTree to offer its services to retail customers in New York through WisdomTree Prime.

Jonathan Steinberg, WisdomTree's Founder and CEO, expressed confidence in the company's ability to regulate the digital asset industry effectively while ensuring consumer safety through robust regulations enforced by the NYDFS.

Will Peck, Head of Digital Assets at WisdomTree and CEO of WisdomTree Digital Trust Company, LLC, highlighted the high compliance standards of a New York limited-purpose trust company, emphasizing responsible growth with the charter in New York and nationwide.

States have introduced new regulatory frameworks to address the growing popularity of crypto assets, including limited-purpose charters like the New York Limited Purpose Trust Company Charter, which allows institutions to act as trustees for digital assets.