If your string always has the obvious pattern of "xx00", you could do this when storing the string:
string value = "77003400470031007300570055006B0039004E";
value = value.Replace("00", "");
and that would cut the string length by almost 50%. But at that point, you would have to put the "00" back before using it again. That would require a bit more code. I'd probably write an extension method that returned an array of two character strings, and then iterate through the returned array to rebuild a single string, adding the "00" where appropriate.
I honestly don't know of a way to reduce the length of the string other than after eliminating the "00", you convert the objects hex values to ascii text equivalents which would reduce the size of the string again by 50%, but you're still not going to get it to 16 characters in length...