Key Takeaways
- State Street is the first third-party custodian on JPMorgan’s digital debt platform.
- The collaboration enables institutional clients to access custody for blockchain-based debt securities.
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State Street Corporation, one of the world’s largest custodians with $49 trillion in assets under custody, successfully executed its first blockchain-based commercial paper investment using JPMorgan’s Digital Debt Service (DDS), a platform for issuing and managing debt securities on-chain, the company announced Thursday.
The move made State Street the first third-party custodian to launch on DDS, a platform for issuing and managing debt securities on-chain, and was marked by a $100 million commercial paper transaction with State Street Investment Management.
State Street stated that the transaction has shown that front-to-back institutional debt investing can now operate cohesively on blockchain rails. The successful deal signals that major institutional players are moving beyond experimentation into production use of blockchain in fixed income markets.
“Through our direct participation in JPMorgan’s Digital Debt Service, we are advancing our ability to deliver a fully integrated front-, middle-, and back-office solution built on blockchain technology,” said Donna Milrod, Chief Product Officer at State Street. “This launch reflects a meaningful step forward in our digital strategy — where we manage a digital wallet on-chain and lay the groundwork for…
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