CNBC: Goldman Sachs and New York Mellon to launch tokenized money market fund

PANews reported on July 23 that according to CNBC, Goldman Sachs has partnered with Bank of New York Mellon (BNY Mellon) to provide institutional investors with the ability to purchase tokenized money market funds. BNY clients can invest in money market funds through the Goldman Sachs blockchain platform, and ownership will be recorded in the form of digital tokens. The project has attracted large fund companies such as BlackRock, Fidelity Investments, and Federated Hermes to participate. The two Wall Street giants believe that the tokenization of money market funds will become the next important breakthrough in the field of digital assets, and the two parties will work together to promote the digitization of $7.1 trillion in money market funds. Unlike stablecoins, tokenized money market funds provide returns to holders and become an ideal cash management tool for hedge funds, pensions, and companies. Goldman Sachs and BNY executives said the move will lay the foundation for the seamless circulation of money market funds in a real-time, digital ecosystem.