Goldman Sachs & BNY Mellon Disrupt Finance: Digital Tokens Pegged to Money Market Funds Go Live

Wall Street giants just crypto-pilled your grandma's savings account.

Goldman Sachs and BNY Mellon—yes, the 2008 survivors—are rolling out blockchain-based tokens tied to money market funds. Because nothing says 'innovation' like repackaging T-bills with a side of distributed ledger buzzwords.

These aren't your degenerate cousin's meme coins. The tokens represent shares in institutional-grade funds, offering instant settlement and 24/7 trading. Take that, slow-moving ACH transfers.

Banks claim this bridges TradFi and DeFi. Critics whisper it's just fee extraction with extra steps—like charging you for the privilege of watching them catch up to 2017's crypto innovations.

One thing's certain: when vaults start tokenizing, the suits finally see the writing on the blockchain.

Goldman Sachs, BNY Comment on New Digital Token Partnership

“As the financial system transitions toward a more digital, real-time architecture, BNY is committed to enabling scalable and secure solutions that shape the future of finance,” said Laide Majiyagbe, Global Head of Liquidity, Financing, and Collateral at BNY. “Mirrored tokenization of MMF shares is a first step in this transition, and we are proud to be at the forefront of this first-of-its-kind initiative. Our collaboration with Goldman Sachs Digital Assets highlights our role as a trusted bridge between traditional finance and emerging technologies – empowering clients to navigate this transformation with confidence.”

“Using tokens representing the value of shares of Money Market Funds on GS DAP® WOULD enable us to unlock their utility as a form of collateral and open up more seamless transferability in the future,” added Mathew McDermott, Global Head of Digital Assets at Goldman Sachs. “We are excited about this strategic collaboration with BNY in our journey towards the longer-term vision for GS DAP® and as we continue to lead and innovate in the digital assets space.”

Furthermore, the growing interest in tokenization coincides with the renewed Optimism in the crypto industry. Over the last few months, crypto has and gained momentum, especially after the Genius Act was passed earlier this month. Bitcoin (BTC) is trading at near-ATH levels of $118,000, while Ethereum is up over 50% in the last 30 days to $3,600.