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Goldman Sachs and BNY Launch Tokenized Money Market Funds

Guavy AI Editorial Team
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Goldman Sachs and Bank of New York Mellon have collaborated on a system that allows institutional investors to purchase tokenized money market funds, marking a significant step in digitizing the $7.1 trillion industry.

The initiative enables BNY clients to invest in money market funds with ownership recorded on Goldman's blockchain platform.

Participating fund companies include BlackRock, Fidelity Investments, and Federated Hermes, alongside Goldman and BNY's asset management divisions.

This technology offers a distinct advantage over stablecoins by providing yield payments to owners, making it attractive to hedge funds, pensions, and corporations for cash management.

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