Vanguard Hires Head of Digital Assets, Signaling Shift into Crypto Sector
Hızlı Bakış
- Vanguard is hiring a head of digital assets to lead its strategy on tokenization, stablecoins, and blockchain infrastructure, marking a significant shift after years of resisting crypto investments.
- The move follows similar expansions by asset managers like Franklin Templeton and BlackRock into the growing tokenized asset market.
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Vanguard, a major asset manager, has historically resisted offering crypto investment products but is now actively seeking to build a strategy in digital assets, including tokenization and stablecoins.
Vanguard is hiring a head of digital assets to lead the asset manager's strategy on tokenization, stablecoins, blockchain infrastructure and client-facing digital asset products, signaling a broader push into the sector after years of resisting crypto investment offerings.
According to the job description on Vanguard's website, the executive will be responsible for determining how Vanguard participates in digital assets, including evaluating client-facing products, tokenization, stablecoins, custody models, blockchain-based settlement and digital asset operating infrastructure. The role will also represent Vanguard in discussions with regulators, clients and industry groups.
Hiring announcement for Vanguard head of digital assets. Source: Vanguardjobs.com
The move marks a notable shift for the asset manager, which has long resisted crypto investment products. In August 2024, CEO Salim Ramji said the company would not launch crypto exchange-traded funds, arguing Vanguard would not "copy competitors" despite the rapid adoption of spot Bitcoin ETFs.
ETF analyst Nate Geraci highlighted the contrast in an X post on Tuesday, noting Vanguard had previously blocked customers from purchasing spot Bitcoin and Ether ETFs through its brokerage platform. "Life moves pretty fast," he wrote.
Founded in 1975, Vanguard manages approximately $12.5 trillion in global assets, according to the company.
Related: Broadridge rolls out crypto, tokenized asset platform for Canada wealth managers
Asset managers expand into tokenized finance
Vanguard's hiring comes as asset managers push deeper into tokenization. According to RWA.xyz data, the tokenized real-world asset market has grown to $33.5 billion, including $14.9 billion in tokenized US Treasury products.
Franklin Templeton manages about $2.5 billion in tokenized assets, BlackRock oversees roughly $2.3 billion and WisdomTree's tokenized Treasury fund has grown to more than $700 million.
Top tokenized treasury managers. Source: RWA.xyz
In March, Franklin Templeton partnered with Ondo Finance to offer tokenized versions of its ETFs accessible through crypto wallets, and then launched a dedicated cryptocurrency investment division following its acquisition of crypto asset manager 250 Digital.
JPMorgan and State Street have also entered the market for tokenized cash products. JPMorgan filed in May to launch a tokenized money market fund for stablecoin issuers, while State Street introduced a government money market fund for stablecoin reserves and a tokenized liquidity product the following month.
Also in May, Fidelity launched a blockchain-based liquidity fund, which received its first crypto-native investment last month after Theo allocated $20 million to the product.
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Vanguard will launch client-facing digital asset products within the next 1-2 years.
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Açık Sorular
- What specific digital asset products will Vanguard launch?
- How will Vanguard navigate regulatory discussions?
- What is Vanguard's long-term commitment to crypto?
