Goldman Sachs and BNY Launch Blockchain-Based Money Market Funds

Goldman Sachs and Bank of New York Mellon have developed a system for institutional investors to purchase tokenized money market funds, marking a significant advancement in the $7.1 trillion money market industry.

The initiative enables BNY clients to invest in money market funds with ownership recorded on Goldman's blockchain platform, allowing for seamless transactions without traditional market frictions.

Major fund companies including BlackRock, Fidelity Investments, and Federated Hermes have joined the project alongside Goldman and BNY's asset management divisions, aiming to create a real-time digital financial ecosystem.