Vanguard names head of digital assets to oversee tokenization

Vanguard has hired a head of digital assets to oversee tokenization, stablecoins, blockchain infrastructure and client-facing digital asset products. The executive will define how the $12.5 trillion asset manager participates in digital assets and represent Vanguard with regulators, clients and industry groups.

Vanguard’s job posting lists responsibilities including evaluating client-facing products, tokenization opportunities, stablecoin arrangements, custody models, blockchain-based settlement and the operating infrastructure for digital assets. The role requires coordination with regulators and industry groups.

Vanguard was founded in 1975 and manages about $12.5 trillion in global assets.

The hire follows a period in which the firm declined to offer crypto investment products. In August 2024, CEO Salim Ramji told investors Vanguard would not launch crypto exchange-traded funds and would not ‘copy competitors.’ The firm’s brokerage platform had prevented customers from buying spot Bitcoin and Ether ETFs. ETF analyst Nate Geraci wrote on social media, ‘Life moves pretty fast.’

Tokenized real-world assets have grown to about $33.5 billion, including roughly $14.9 billion in tokenized U.S. Treasury products, according to market data. Franklin Templeton manages about $2.5 billion in tokenized assets, BlackRock about $2.3 billion and WisdomTree’s tokenized Treasury fund exceeds $700 million.

Several large institutions have taken recent steps in tokenized cash and liquidity products. In March, Franklin Templeton partnered with Ondo Finance to offer tokenized versions of its ETFs and later created a cryptocurrency investment division after acquiring a crypto manager. JPMorgan filed in May to launch a tokenized money market fund aimed at stablecoin issuers. State Street introduced a government money market fund for stablecoin reserves and launched a tokenized liquidity product in June. Fidelity launched a blockchain-based liquidity fund in May and last month received a $20 million allocation from a crypto-native investor.

Vanguard’s job description frames the position as both strategic and operational, asking the executive to assess product viability, custody arrangements and settlement mechanisms while coordinating with regulators and clients.