Stocks
Goldman Sachs, BNY Unveil Blockchain-Based Money Market Fund System
Goldman Sachs and Bank of New York Mellon have launched a system allowing institutional investors to purchase tokenized money market funds, marking a significant advancement in the digitization of the $7.1 trillion industry.
The initiative enables BNY clients to invest in money market funds with ownership recorded on Goldman's blockchain platform, according to executives from both firms.
Major fund companies including BlackRock, Fidelity Investments, and Federated Hermes have joined the project alongside Goldman and BNY's asset management divisions.
The tokenized funds offer yield payments to owners, unlike stablecoins, making them attractive to hedge funds, pensions, and corporations for cash management.