State Street has become the first third-party custodian to join J.P. Morgan's Digital Debt Service, enabling blockchain-based custody for debt securities. The collaboration was marked by the issuance of a $100 million commercial paper by OCBC, facilitated through J.P. Morgan’s Kinexys tokenization platform. This move reflects a broader trend of banks, asset managers, and fintech firms adopting blockchain technology as an official record of ownership for digital securities. Securitize, a key player in this space, currently powers over $3.34 billion in on-chain funds. The total assets under management (AUM) of tokenized funds have surged over tenfold since January 2024, increasing from approximately $600 million to $7.5 billion. BlackRock leads as the largest issuer of tokenized funds, managing around $2.4 billion in its BUIDL money market fund. Other notable issuers include Ondo Finance, WisdomTree Prime, Tradable, Superstate Funds, and Spiko Finance. State Street’s participation in J.P. Morgan’s platform, which manages $5.1 trillion in assets, underscores the growing institutional adoption of blockchain for digital debt securities custody and issuance.