Vanguard seeks digital assets chief after years of crypto skepticism

Vanguard is actively recruiting a head of digital assets to spearhead its strategy regarding tokenization, stablecoins, and blockchain infrastructure. This strategic pivot marks a significant departure from the firm's long-standing resistance to crypto-related investment products, including its previous refusal to offer spot Bitcoin or Ether ETFs. The new executive will oversee the development of client-facing digital products, custody models, and blockchain-based settlement systems while representing the firm in regulatory and industry discussions. Managing approximately $12.5 trillion in global assets, Vanguard's entry into the digital space highlights the growing institutional pressure to adopt tokenization. This move aligns with broader industry trends where major asset managers like BlackRock and Franklin Templeton have already established significant footprints in the $33.5 billion tokenized real-world asset market. By exploring tokenized infrastructure, Vanguard aims to modernize its operating models and remain competitive against peers who have already integrated blockchain-based liquidity and money market funds. The shift underscores the increasing maturity of the RWA sector as traditional financial giants move beyond skepticism toward active infrastructure development.