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Wall Street Giants Launch Tokenized Money Market Funds on Blockchain

Guavy AI Editorial Team
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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 money market industry.

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

Major fund companies including BlackRock, Fidelity Investments, and Federated Hermes have joined the project alongside Goldman and BNY's asset management divisions.

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