WisdomTree has recently obtained a license from the NYDFS, allowing it to provide cryptocurrency-related products and services in New York. This approval enables WisdomTree to operate as a limited liability trust company under New York State banking laws. As a result, its subsidiary, WisdomTree Digital Trust Company, can now offer services such as storing cryptocurrencies, issuing stablecoins, and managing reserves for local clients.

The firm is set to launch a new mobile application, WisdomTree Prime, focusing on personal finance. Through this app, WisdomTree plans to introduce two stablecoins: WisdomTree Dollar Token and WisdomTree Gold Token, pegged to the US dollar and gold, respectively. The NYDFS mandates that issuers of such assets must maintain the market value of reserves collateralized by at least the face value of the outstanding stablecoins and provide guarantees for their exchange.

In a related development, in November 2023, ETC Group, CoinShares, and WisdomTree, among others, announced plans to list crypto ETPs on the London Stock Exchange. Additionally, JPMorgan subsidiary Onyx Digital Assets, WisdomTree, Apollo, and other industry players collaborated to test portfolio management using Provenance and Avalanche app chains. The aim is to enable fund managers to tokenize, purchase, and rebalance RWA positions across multiple blockchains, streamlining transaction settlement processes.

Furthermore, WisdomTree made headlines when it filed for a spot in a Bitcoin ETF, following BlackRock’s lead. This move came after two unsuccessful attempts by WisdomTree to register an ETF in the United States in 2021 and 2022. The SEC rejected both applications, citing concerns about investor protection standards not being met by the proposed exchange-traded products.

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