State Street Joins JPMorgan's Blockchain Platform for Tokenized Debt

As of August 23rd, 2025, the Boston-based custody bank State Street has taken a significant step into the world of digital assets by joining JPMorgan's blockchain-based tokenized asset platform, Digital Debt Service. This partnership marks a meaningful advancement in State Street's digital strategy, as the bank now offers clients the ability to hold and manage tokenized debt securities without changing its traditional servicing model.

The first transaction facilitated through this collaboration was a $100 million tokenized commercial paper issuance by the Oversea-Chinese Banking Corporation (OCBC), a Singapore-based banking group. State Street Investment Management, the bank's asset management arm, purchased the tokenized debt. This move highlights the growing involvement of traditional finance heavyweights and global banks in the tokenization of financial instruments and real-world assets.

The tokenization of assets promises operational benefits such as increased efficiency, faster and around-the-clock settlements, and lower administrative costs. Industry projections suggest the tokenized asset market could balloon in the next few years, with estimates ranging from $2 trillion by 2030 to nearly $19 trillion by 2033.

By joining JPMorgan's blockchain platform, State Street can now offer its clients a seamless experience in managing tokenized debt securities. The infrastructure supports delivery-versus-payment settlement, with the option for same-day (T+0) settlement, and automates corporate actions such as interest payments and redemptions through smart contracts.