Vanguard Dives into Crypto with New Digital Assets Chief Hire

Vanguard, one of the largest asset managers in the world, is hiring a head of digital assets to lead its strategy on tokenization, stablecoins, blockchain infrastructure, and client-facing digital asset products.

The move marks a significant shift for Vanguard, which has long been skeptical about investing in cryptocurrencies. In August 2024, CEO Salim Ramji said the company would not launch crypto exchange-traded funds (ETFs), stating that Vanguard would not 'copy competitors' despite the rapid adoption of spot Bitcoin ETFs.

Vanguard's new head of digital assets will be responsible for evaluating client-facing products, tokenization, stablecoins, custody models, blockchain-based settlement, and digital asset operating infrastructure. The role also involves representing Vanguard in discussions with regulators, clients, and industry groups.

This development comes as other major asset managers are expanding into tokenized finance. 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.