State Street, the asset management company and custodian bank serving institutional clients, has joined JPMorgan's tokenized debt platform, becoming its first third-party custodian, allowing it to hold blockchain-based debt securities on behalf of investors.
JPMorgan's digital debt service platform enables institutional clients to trade and settle tokenized debt instruments, which are issued on the blockchain and represent government or corporate bonds.
According to an announcement on Thursday, in the platform's first transaction, the asset management company purchased $100 million in tokenized commercial debt from OCBC, one of Southeast Asia's oldest banks.
Founded in 1792, State Street is one of the "Big Three" asset management companies alongside BlackRock and Vanguard, with over $49 trillion in assets under custody and an additional $5.1 trillion in assets under management.
The asset management company is expanding its custody services to include tokenized real-world assets (RWA), showcasing the growth of this emerging field and marking a milestone in the interaction between more traditional financial institutions and the digital economy.
JPMorgan launched Onyx in 2020, a suite of blockchain-based services and technologies. In 2024, the project was renamed Kinexys, becoming its RWA tokenization platform.
Oracle provider Chainlink announced in May a partnership with Kinexys to help develop payment infrastructure for settling tokenized RWA transactions between financial institutions.
In June, Kinexys, Chainlink, and the RWA platform Ondo Finance completed the cross-chain transfer of Ondo's OUSG tokenized short-term U.S. Treasury fund, moving this digital asset from Ondo's layer one testnet to the Kinexys permissioned chain.
Chainlink founder Sergey Nazarov told Cointelegraph that the increase in on-chain tokenized assets has accelerated capital flow in the economy and supports the entire crypto ecosystem by locking value on-chain.
Nazarov stated, "We need more high-quality assets on-chain, but we also need more frictionless payment methods that existing institutions can easily use."
According to RWA.xyz, the tokenized RWA industry has grown by approximately 65% since the beginning of 2025, with its market capitalization soaring to over $26.4 billion, excluding stablecoins.
Related: DBS expands cryptocurrency services, launching tokenized structured notes based on the Ethereum chain
Original article: “State Street Becomes JPMorgan's First Custodian for Tokenized Debt Platform”
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