- Goldman Sachs and BNY Mellon have jointly launched a novel blockchain platform designed to facilitate 24/7 access to tokenized money market funds for institutional clients.
- Unlike conventional stablecoins, the tokenized shares offered through this platform generate income from underlying assets, such as U.S. Treasury bonds.
- Industry heavyweights, including BlackRock and Fidelity, are reportedly participating in the initiative, suggesting a growing interest in integrating blockchain technology with established financial systems.
In a significant move toward modernizing financial infrastructure, Wall Street leaders Goldman Sachs and BNY Mellon have unveiled a blockchain-based platform tailored for institutional investors seeking exposure to tokenized money market funds. The collaborative effort, publicly announced on July 23rd, allows institutions to engage in the subscription, trading, and redemption of fund shares represented as digital tokens. These transactions are executed and settled in real-time on Goldman Sachs’ dedicated private blockchain, effectively replacing traditional end-of-day settlement procedures.
Platform Functionality: A Closer Look
The newly introduced platform integrates with BNY Mellon’s LiquidityDirect portal, a well-established solution for managing short-term cash positions. Leading asset management firms are expected to…
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