Goldman Sachs and BNY Pioneer US Tokenized Money Market Fund Trading

Wall Street's digital transformation accelerates as Goldman Sachs and BNY Mellon launch the first tokenized money market fund solution in the United States. The collaboration leverages BNY's LiquidityDirect platform and Goldman's GS DAP blockchain network, enabling institutional investors to trade mirror tokens representing fund shares.

Five major asset managers—including BlackRock and Fidelity—have joined the initiative, signaling strong institutional demand for blockchain-based financial infrastructure. The $6 trillion money market industry represents an ideal testing ground for tokenization due to its stable valuations and critical role in institutional liquidity management.

Goldman's GS DAP platform, built using Digital Asset's technology, marks the bank's first US deployment of distributed ledger solutions for traditional finance. The MOVE comes as legacy institutions face mounting pressure to innovate amid competition from crypto-native firms.