The asset management giant State Street joins JPMorgan's tokenized debt platform, ushering in a new era for the tokenized real asset (RWA) market.
State Street, one of the oldest and largest financial institutions in the world, officially joins JPMorgan's tokenized debt platform. This move marks State Street's becoming the first third-party custodian bank on the platform, allowing them to hold debt instruments issued on the blockchain on behalf of institutional clients. This is considered an important milestone, reflecting the increasingly deep convergence between the traditional financial system (TradFi) and distributed ledger technology.
To kick things off, State Street executed a transaction worth 100 million USD, purchasing tokenized commercial paper from Oversea-Chinese Banking Corporation (OCBC) of Singapore. With over 49 trillion USD in assets under custody, the participation of a member of the 'Big Three' alongside BlackRock and Vanguard in the tokenized real asset (RWA) market sends a strong signal about the maturity and potential of this field.
State Street's announcement of joining JPMorgan's tokenized debt platform. Source: State Street
Behind the event is JPMorgan's years-long effort to prepare infrastructure. The Digital Debt Service platform, part of Kinexys – a unit specializing in blockchain technology established in 2020 – is designed to digitize and manage the lifecycle of debt products.
Recently, Kinexys has strengthened cooperation with strategic partners, including Chainlink, to build a seamless cross-chain payment system for RWA transactions among global financial institutions.
Sergey Nazarov, co-founder of Chainlink, stated that bringing high-quality assets onto the blockchain will help accelerate capital turnover and strengthen the tokenized asset ecosystem: 'We need smoother payment infrastructure for traditional financial institutions to participate more easily,' he emphasized.
This potential is gradually becoming a reality. According to data from RWA.xyz, the RWA market (excluding stablecoins) has grown by about 65% since the beginning of 2025, reaching a market capitalization of over 26.4 billion USD. The new capital flow shows a clear shift from experimental products to actual deployment scale, paving the way for the next development phase of digital finance.