Setting the digital agenda: Digital Digest
October 2025

Welcome to the latest issue of the State Street Digital Digest. This edition dissects the findings from our third annual Digital Assets and Emerging Technology survey, produced in partnership with Oxford Economics and informed by the perspectives of more than 300 institutional investors worldwide. Together, these insights offer a view into how the industry is shaping digital asset strategies and adapting operating models for the future of finance.

This year’s results reveal a sector moving with momentum. More institutions are establishing dedicated digital asset teams and embedding digital operations within broader transformation agendas. The benefits of these shifts are being realized in day-to-day practice, with transparency, speed and efficiency increasingly woven into investment processes and product innovation. Instead of asking why digital assets matter, institutional investors are focused on how to capture value, manage risk and collaborate effectively with established custodians, fintechs and exchanges.

At the same time, expectations for the future remain mixed. Many investors are confident the next decade will be defined by hybrid models that blend traditional and digital operations. Others remain skeptical that fully digital infrastructures will ever replace traditional systems. This tension is leading firms to explore new ways to navigate the traditional finance (TradFi) and decentralized finance (DeFi) landscape, while keeping safety and trust at the center. Regional and organizational differences add further nuance, with readiness and priorities shaped by market context, scale and strategic focus. Challenges also remain in automation, interoperability and regulatory clarity.

These dynamics set the stage for the three articles in this Digest, each exploring a critical theme in the industry’s digital evolution:

• Adoption and operating reality: Examining the pace of adoption and the growing belief that hybrid TradFi/DeFi models will be the industry standard, even as some doubt a fully digital future.
• Converging technologies: Exploring how blockchain, generative artificial intelligence (GenAI) and quantum computing are coming together in digital transformation strategies, and where institutions are already seeing benefits.
• Allocations and trajectory: Looking at how allocations are evolving and why growth is expected in the coming years.

Since launching the Digital Digest, our aim has been to highlight the most relevant insights and trends shaping digital finance. This edition continues that work, offering perspectives on where the industry is headed and the emerging focus areas shaping its trajectory.