Goldman Sachs, BNY Mellon Team Up on Blockchain for Money-Market Funds
Main Idea
Goldman Sachs and BNY Mellon have partnered to launch a blockchain platform for tokenized money-market funds, aiming to modernize institutional investment and liquidity management.
Key Points
1. The platform connects with BNY Mellon’s LiquidityDirect portal, enabling institutional investors to access tokenized money-market funds via Goldman’s private blockchain.
2. Major asset managers like BlackRock, Fidelity, and Federated Hermes are already participating in the platform.
3. The initiative aligns with the GENIUS Act, which provides regulatory clarity for digital assets in the U.S.
4. The U.S. money-market fund industry, valued at over $7.1 trillion, could see increased efficiency and flexibility through blockchain technology.
5. Goldman Sachs’ Greg Grimaldi highlighted the platform’s ability to facilitate real-time, programmable transfers of fund shares.
Description
Goldman Sachs and BNY Mellon launched a blockchain platform for tokenized money market funds, enabling 24/7 institutional access. These tokenized fund shares generate passive yield from underlying assets like U.S. Treasuries, unlike regular stablecoins. Major firms including BlackRock and Fidelity joined the initiative, signaling rising demand for blockchain-based traditional finance. Wall Street giants Goldman Sachs and BNY Mellon have introduced a new blockchain-based platform for institutiona...
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