Overview

• OCBC issued the $100 million tokenized commercial paper, State Street Investment Management purchased it, and J.P. Morgan Securities served as placement agent.
• State Street manages client holdings in a digital wallet directly connected to JPMorgan’s system, allowing custody of tokenized debt without altering its traditional servicing model.
• JPMorgan’s Digital Debt Service supports delivery-versus-payment settlement, optional same-day settlement, and smart-contract automation of interest payments and redemptions.
• The step moves institutional tokenized fixed income from pilots to live use, adding credibility given State Street’s roughly $49 trillion in assets under custody.
• State Street has outlined plans for a broader digital-asset custody and transfer agency business pending Federal Reserve approval, according to prior reporting.