State Street Corp. has become the first external custodian to operate on JPMorgan Chase & Co.’s Digital Debt Platform, a blockchain-enabled service that issues, trades and manages digitized debt instruments. The move allows State Street to provide custody for blockchain-based debt securities to its institutional client base, extending the bank’s existing custody and servicing franchise into digital assets. JPMorgan launched the Digital Debt Platform in 2023 as part of its broader Onyx blockchain initiative, aiming to streamline settlement and increase transparency in fixed-income markets. By adding a third-party custodian, the platform now offers institutions a choice beyond JPMorgan’s own custody services, potentially broadening adoption of tokenized bonds and other digital debt products.