Goldman Sachs, BNY Mellon to offer tokenized money market funds for clients
Main Idea
Goldman Sachs and BNY Mellon are introducing tokenized money market funds for institutional clients, enabling 24/7 settlement and blockchain-based ownership tracking, amid regulatory changes and growing interest in tokenized assets.
Key Points
1. Goldman Sachs and BNY Mellon will offer tokenized money market funds with 24/7 settlement and blockchain-based ownership tracking for institutional clients.
2. The initiative involves participation from major financial institutions like BlackRock, Fidelity Investments, and Federated Hermes.
3. The GENIUS Act, recently passed, bans interest-bearing stablecoins, potentially driving growth in tokenized money market funds which offer yield.
4. Tokenized short-term funds have grown to $5.7 billion in assets since 2021, reflecting increasing interest in bridging fiat and digital markets.
5. Robinhood is developing 'Robinhood Chain,' an Ethereum-compatible layer 2 on Arbitrum Orbit, aiming to move asset trading outside traditional exchange hours.
Description
Goldman Sachs and BNY Mellon will allow institutions to access tokenized money market funds with 24/7 settlement and blockchain-based ownership tracking.
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