State Street, the custody bank that services $46.7 trillion in assets, announced Thursday it has launched a digital asset platform designed to support tokenized money market funds, exchange-traded funds and cash products including tokenized deposits and stablecoins.
Custody Giant Unveils Blockchain Infrastructure
The platform includes wallet management, custody capabilities and cash functionality built to operate across both private and public permissioned blockchain networks.
State Street did not disclose which blockchain networks the platform currently supports or provide timelines for specific product launches.
Joerg Ambrosius, president of investment services at State Street, said the launch moves beyond experimentation into practical, scalable solutions meeting security and compliance standards.
He added that the platform pairs blockchain connectivity with operational controls and global servicing expertise.
Donna Milrod, chief product officer, said clients want trusted infrastructure that makes digital assets practical rather than experimental.
Tokenization Race Intensifies
The announcement comes as major financial institutions accelerate tokenization initiatives.
JPMorgan recently launched its MONY tokenized money market fund on Ethereum with $100 million in initial capital.
BlackRock's BUIDL fund has accumulated $1.8 billion across multiple blockchains. Franklin Templeton's BENJI holds $818 million in tokenized Treasury exposure.
Together, these three tokenized products now hold approximately $2.7 billion in assets, underscoring the rapid institutional adoption of blockchain-based financial instruments.
State Street has participated in pilot programs including the Monetary Authority of Singapore's Project Guardian and various central bank digital currency experiments.