State Street Launches as First Third-Party Custodian on JPMorgan’s DDS

State Street Corporation has launched as the first third-party custodian on JPMorgan's Digital Debt Service (DDS), advancing blockchain adoption in institutional debt securities custody. This partnership allows State Street to provide custody for debt instruments managed on JPMorgan's blockchain.

State Street manages approximately $4.7 trillion in assets and $46.6 trillion in custody.
The DDS integration supports tokenized debt securities with features like same-day settlement and automated lifecycle management via smart contracts.
A $100 million commercial paper transaction was successfully executed on-chain by State Street Investment Management.
This collaboration enhances operational efficiency, reduces risks, and lowers costs in fixed income markets.
It reflects increasing institutional acceptance of blockchain beyond cryptocurrencies.
State Street has previously explored blockchain solutions and partnered with firms like Gemini and Galaxy Digital.

State Street's role in JPMorgan's DDS sets a standard for other institutions, emphasizing the importance of custodians in the evolving digital asset landscape.