American Financial Giants Launch Pioneering Tokenized Fund Initiative
Main Idea
Goldman Sachs and BNY Mellon are collaborating on a blockchain-based initiative to tokenize money market funds, involving major financial firms and leveraging Goldman Sachs' Digital Asset Platform.
Key Points
1. BNY Mellon will use blockchain technology developed by Goldman Sachs to track clients’ rights to specific assets.
2. The collaboration includes Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management in the initial launch.
3. Investors can subscribe to and redeem MMF shares via BNY Mellon’s blockchain-based LiquidityDirect platform.
4. Mirrored security tokens are created on Goldman Sachs’ Digital Asset Platform (GS DAP), offering Money Market Fund Tokens.
5. The initiative follows the GENIUS Act, which establishes clear crypto industry regulations in the U.S.
Description
American financial giants Goldman Sachs and BNY Mellon have announced a joint initiative to open access to tokenized funds for institutional investors. This innovation reflects a broader industry push to modernize the investment landscape and bring greater transparency and efficiency to fund management. According to a press release, BNY Mellon will use blockchain technology developed by Goldman Sachs to keep track of clients’ rights to specific investment products. The collaboration is set to in...
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