Today in crypto, State Street became the first custodian to join JPMorgan’s tokenized debt platform, allowing the asset manager to hold blockchain-based securities, cryptocurrency exchange Gemini received a Markets in Crypto-Assets Regulati…
Today in crypto, State Street became the first custodian to join JPMorgan’s tokenized debt platform, allowing the asset manager to hold blockchain-based securities, cryptocurrency exchange Gemini received a Markets in Crypto-Assets Regulation (MiCA) license in Malta, and US Fed governor Christopher Waller urged his peers not to fear decentralized finance (DeFi) and the blockchain.
State Street joins JPMorgan’s tokenized debt platform
State Street, one of the world’s largest asset managers, has become the first custodian to adopt JPMorgan’s new blockchain-based debt platform, marking a milestone in institutional access to digital securities and signaling growing mainstream acceptance of digital assets.
The platform, called Digital Debt Service, enables clients to trade and settle tokenized government and corporate bonds on a blockchain. As part of the launch, State Street purchased $100 million in tokenized commercial debt from Oversea-Chinese Banking Corporation.
Institutional adoption of blockchain technology is accelerating in 2025, supported by favorable US regulations and the recent approval of the GENIUS Stablecoin Act.
Market observers told Cointelegraph that the legislation could serve as a gateway to tokenized real-world assets, a sector experiencing rapid growth this year. So far, private credit and US Treasurys have emerged as the most popular assets for tokenization.
Gemini receives MiCA license in Malta after May derivatives approval
The Cameron and Tyler Winklevoss-owned Gemini exchange secured a MiCA license from the Malta Financial Services Authority (MFSA) on Wednesday, according to official MFSA records.
“Receiving this approval marks a critical milestone in our regulated European expansion, as it will allow us to expand our secure and reliable crypto products for customers in over 30 European countries and jurisdictions,” Gemini said in a statement shared with Cointelegraph.
The regulatory milestone came shortly after Gemini filed to list its Class A common stock on the Nasdaq Global Select Market under the ticker GEMI last Friday.
“Today’s announcement cements Gemini’s long-standing dedication to upholding the highest standards of regulatory compliance as we scale in the region,” Gemini said, highlighting the importance of MiCA for crypto adoption.
“We believe that clear regulation of the industry is the foundation of global crypto adoption, and MiCA’s implementation has proven that Europe is one of the most innovative and forward-thinking regions regarding this,” Gemini’s statement added.
Gemini also holds a Markets in Financial Instruments Directive (MiFID II) license, received in May, allowing the exchange to offer derivatives in the European market.
In line with active expansion in the EU, Gemini rolled out a tokenized stocks offering on the Arbitrum blockchain in late June, targeting European customers.
Unlike traditional stock offerings, tokenized stocks allow users to trade tokenized shares of companies like Michael Saylor’s Strategy (MSTR) with 24/7 market access.
Fed governor tells bankers DeFi is “nothing to be afraid of”
US Federal Reserve Governor Christopher Waller told his peers and the private banking sector that there’s “nothing to be afraid of” about crypto payments despite it operating outside the traditional banking system.
“There is nothing scary about this just because it occurs in the decentralized finance or DeFi world — this is simply new technology to transfer objects and record transactions,” he said during a speech at the Wyoming Blockchain Symposium 2025 on Wednesday.
Leveraging innovative tech to build new payment services isn’t a “new story,” Waller said as he pitched policymakers and the private banking sector to work together on crypto payment infrastructure. “There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions.”
Waller’s pro-crypto views could soon have more weight, as he is considered a front-runner to replace Jerome Powell as Fed chair.
