State Street Launches Digital Asset Platform for Tokenized Products

State Street has launched a digital asset platform designed to support tokenized money market funds, ETFs, and cash products including tokenized deposits and stablecoins.

The platform announced Thursday includes wallet management, custody capabilities, and cash functionality built to operate across both private and public permissioned blockchain networks. State Street positions the infrastructure as bridging traditional and digital finance for institutional clients.

The digital asset platform launch represents the bank's first publicly announced production infrastructure for tokenized institutional products.

The bank did not disclose which blockchain networks the platform currently supports or provide timelines for specific product launches. State Street said the infrastructure enables development of tokenized money market funds, ETFs, and cash products, though it did not confirm which products are in active development.

Joerg Ambrosius, president of investment services at State Street, described the launch as moving beyond experimentation into practical, scalable solutions meeting security and compliance standards. He said the platform pairs blockchain connectivity with operational controls and global servicing expertise to enable institutions to incorporate tokenization into core strategies.

The infrastructure integrates with State Street's existing systems while adding on-chain compliance controls.

Donna Milrod, chief product officer at State Street, said clients want trusted infrastructure that makes digital assets practical rather than experimental, with the platform designed to be secure, interoperable, and integrated.

State Street's platform supports tokenized product development across multiple jurisdictions, addressing regulatory requirements that vary by market. The custody bank emphasized its approach draws on expertise from teams across the organization and State Street Global Advisors to deliver what it describes as unified solutions.

The launch comes as major financial institutions accelerate tokenization initiatives. JP Morgan recently launched its MONY tokenized money market fund on Ethereum with $100 million in initial capital, while BlackRock's BUIDL fund has accumulated $1.8 billion across multiple blockchains. Franklin Templeton's BENJI holds $818 million in tokenized Treasury exposure.

State Street's entry into tokenized product infrastructure positions the custody bank – which services $46.7 trillion in assets – to compete with early movers in blockchain-based financial products. The platform's wallet and custody capabilities suggest State Street intends to provide end-to-end servicing rather than partnering with third-party crypto infrastructure providers.

Milrod said the platform operates on a client partnership model designed to evolve alongside market needs and regulatory expectations. She characterized the infrastructure as reducing complexity while enabling innovation in digital finance.

State Street has participated in pilot programs including the Monetary Authority of Singapore's Project Guardian and various central bank digital currency experiments.

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