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Goldman Sachs, BNY Bring $7 Trillion Money Market to Blockchain
UNITED STATES, JUL 24 – The tokenized funds support automated treasury management and have grown nearly 500% to $6.75 billion this year, targeting institutional investors with programmable 24/7 trading.
10 Articles
10 Articles
Money Funds Take Major Leap in Tokenization Deal, JPMorgan Says
The partnership between Goldman Sachs Group Inc. and the Bank of New York Mellon Corp. to tokenize shares of money-market funds represents a “significant leap forward” for the $7 trillion-plus industry as it helps boost the appeal of cash as an asset, according to JPMorgan Chase & Co. strategists.
Goldman Sachs and BNY Mellon Launch Tokenized MMFs
Wall Street giants Goldman Sachs and BNY Mellon have partnered to launch tokenized versions of money market funds (MMFs), primarily backed by U.S. Treasury securities, aimed at institutional investors. The tokenized funds will be accessible through BNY Mellon’s LiquidityDirect platform, with ownership records and transactions recorded on Goldman Sachs’ blockchain infrastructure, known as the Digital Asset Platform (DAP). This opens the door for …
Goldman Sachs, BNY Bring $7 Trillion Money Market to Blockchain
For all the sci-fi promises about blockchain transforming finance, the reality will be more mundane as thousands of ordinary instruments quietly move to digital ledgers. On Wednesday, it was money market funds. Goldman Sachs and the Bank of New York (BNY) announced they’re allowing institutional investors to buy digitized tokens that mirror shares in the funds, making a $7 trillion industry in which liquidity is a key selling point even more li…
JPMorgan Chase Says Tokenization Could Boost Utility of Money Market Funds
The tokenization of shares of money market funds could help keep money market funds competitive with stablecoins while also creating new uses for them, according to JPMorgan Chase & Co. strategists. [contact-form-7] The strategists said this in a note to clients, commenting on a partnership between Goldman Sachs and the BNY to collaborate on that tokenization, Bloomberg reported Friday (July 25). “The true takeaway from this is beyond t…
Key points of the Goldman Sachs News and BNY Mellon come together to offer Tokenized Money Market Fund shares, a movement that JPMorgan considers key to maintaining the competitiveness of cash against stablecoins. Large fund families like BlackRock and Fidelity participate in the launch. Analysts claim that this expands the use of funds, even as a guarantee, which could redefine liquidity management in the traditional financial system.
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