Goldman Sachs and BNY Mellon Launch Tokenized Money Market Funds for Institutions
Main Idea
Goldman Sachs and BNY Mellon have launched tokenized money market funds, targeting the $7.1 trillion market, to improve financial efficiency and liquidity.
Key Points
1. Goldman Sachs and BNY Mellon collaborated to launch tokenized money market funds (MMFs), integrated with BNY’s custody services.
2. The offering targets the $7.1 trillion U.S. money market funds market, with $2.5 trillion inflows since 2022.
3. Tokenization aims to enhance financial efficiency and liquidity, potentially enabling 24/7 capital movement.
4. BlackRock, Fidelity Investments, and Federated Hermes are among other asset managers already offering similar funds.
5. The initiative aligns with the GENIUS Act, which establishes a federal framework for stablecoins.
Description
Key Takeaways: Goldman Sachs and BNY Mellon have launched tokenized money market funds for institutional clients. Initial participants include BlackRock, Fidelity, Federated Hermes, and the asset arms of both banks. The platform allows real-time ownership tracking and may support future use in collateral management and settlement. Goldman Sachs and Bank of New York Mellon have launched a system allowing institutional clients to access tokenized money market funds. According to a CNBC report publ...
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