According to a report in the Financial Times, State Street predicted that the surge in demand for cryptocurrency ETFs will make its total assets in North America exceed those of precious metals ETFs, becoming the third largest asset class in the fast-growing $15 trillion ETF industry after stocks and bonds. Frank Koudelka, head of global ETF solutions at State Street, said cryptocurrency ETFs are growing faster than expected, with data showing more advisers are interested in including cryptocurrencies in their portfolios. Spot cryptocurrency ETFs were only allowed to list in the US last year, but have attracted $136 billion, despite a sell-off in the crypto market over the past month. State Street also predicts that the Securities Exchange Commission (SEC) will approve more digital asset ETFs this year and expects to allow funds based on the top ten tokens by market cap to list by 2025. In addition, the bank expects the SEC to approve "physical" creation and redemption mechanisms for cryptocurrency ETFs, improving transaction efficiency.