Goldman Sachs, BNY Mellon Collaborate on Tokenized Money Market Product
Main Idea
BNY Mellon and Goldman Sachs are collaborating on a tokenized money market fund (MMF) product to enhance the utility and transferability of MMF shares.
Key Points
1. The product is built with technology from Goldman Sachs and will allow fund managers to enable MMF share subscriptions via BNY’s Liquidity Direct portal.
2. The initiative aims to leverage blockchain technology to improve efficiency and transparency in financial markets.
3. Initial participants include BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management.
4. Goldman Sachs's Digital Asset Platform (DAP) will facilitate the tokenization of MMF shares, enabling seamless transferability in the future.
5. The collaboration reflects a broader trend of financial institutions exploring tokenization to modernize traditional financial products.
Description
Global financial firms Goldman Sachs and BNY Mellon are working together on a tokenized money market product.
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