Goldman Sachs and BNY Mellon Tokenize $7.1T Money Market Funds on Blockchain

Goldman Sachs and Bank of New York Mellon are pioneering the tokenization of money market funds, bringing $7.1 trillion in assets onto the blockchain. The collaboration enables institutional investors to access funds with ownership recorded digitally, leveraging blockchain's transparency and efficiency.

Major asset managers, including BlackRock, Fidelity, and Federated Hermes, have joined the initiative. Tokenization aims to reduce settlement times and enhance liquidity management for short-term instruments like U.S. Treasurys and commercial paper.

BNY Mellon adopts a hybrid approach, maintaining traditional records alongside tokenized assets to ensure regulatory compliance. This MOVE signals growing institutional adoption of blockchain technology in mainstream finance.