State Street Joins JPMorgan’s Blockchain Platform for Tokenized Debt Custody

State Street, the Boston-based custody bank overseeing $49 trillion in assets, is expanding its digital asset services by becoming the first third-party custodian on JPMorgan's blockchain-based Digital Debt Service platform. The MOVE underscores growing institutional adoption of tokenized real-world assets (RWA).

The bank facilitated a $100 million tokenized commercial paper issuance for Singapore's OCBC, with State Street Investment Management purchasing the debt. J.P. Morgan Securities acted as placement agent for the transaction, which leverages blockchain's operational advantages—24/7 settlements, reduced costs, and enhanced efficiency.

Tokenization of traditional financial instruments is gaining momentum among global banks, with market projections ranging from McKinsey's conservative $2 trillion by 2030 to Ripple and BCG's $19 trillion estimate for 2033. State Street's participation signals confidence in the infrastructure's ability to bridge legacy custody models with blockchain-native solutions.