State Street has joined JPMorgan's tokenized debt platform as its first third-party custodian, enabling it to hold blockchain-based debt securities for institutional clients. This platform allows trading and settlement of tokenized debt, which represent government or corporate bonds. In a landmark inaugural transaction, State Street acquired $100 million in tokenized commercial debt from Oversea-Chinese Banking Corporation (OCBC). With over $49 trillion in assets under custody, State Street's involvement signifies a growing interaction between established financial institutions and the digital economy. JPMorgan, which launched its Onyx suite in 2020 and rebranded it to Kinexys for RWA tokenization in 2024, aims to develop a robust infrastructure for tokenized transactions. The tokenized real-world asset market has seen significant growth, reaching a market capitalization exceeding $26.4 billion since the start of 2025.

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