State Street Becomes First Third-Party Custodian on JPMorgan’s Blockchain Platform

State Street has made history as the first external custodian to join JPMorgan's Digital Debt Service platform, marking a significant milestone in institutional blockchain adoption. The $49 trillion asset manager anchored a $100 million tokenized commercial paper issuance for Singapore's OCBC Bank, demonstrating real-world utility for blockchain-based debt instruments.

The tokenized asset sector continues its explosive growth, surging 65% since early 2025 to reach a $26.4 billion market capitalization. Projections suggest this niche could balloon from $2 trillion to $19 trillion within the next decade as traditional finance embraces distributed ledger technology.

This partnership signals growing confidence among legacy institutions in blockchain infrastructure for capital markets. State Street's participation lends considerable weight to JPMorgan's blockchain ambitions, particularly in the debt securities space where the banking giant has been aggressively pursuing tokenization solutions.