Overview

• OCBC issued $100 million in commercial paper that State Street Investment Management purchased for its Short Term Investment Fund, with J.P. Morgan Securities as placement agent.
• The transaction ran on JPMorgan’s Kinexys-based Digital Debt Service, bringing issuance, settlement, and servicing onto a single permissioned blockchain.
• The platform enables delivery-versus-payment with optional T+0 settlement and automates interest, redemptions, and other corporate actions via smart contracts.
• State Street is managing client assets in an on-chain wallet directly connected to JPMorgan’s system, extending custody of tokenized debt within its existing servicing model.
• Company leaders described the deal as a shift from pilots to live production for fixed-income tokenization, with State Street signaling plans to broaden digital custody pending regulatory approvals.