American Financial Giants Launch Pioneering Tokenized Fund Initiative

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.