Under the new program, clients of BNY Mellon, the world’s largest custodian bank, will soon be able to invest in money market funds whose ownership is tracked directly on private blockchain. The offering will enable institutional clients, including hedge funds, pensions, and corporations, to acquire tokenized shares of funds. Transactions will be performed more efficiently bringing 24/7 access to the market.
This solution leverages GS DAP®, a technology platform developed by Goldman Sachs Digital Assets, which creates mirror tokens representing the value of money market fund shares. BNY Mellon’s LiquidityDirectSM platform integrates with GS DAP®, enabling seamless subscription and redemption of tokenized shares.
Laide Majiyagbe, BNY’s Global Head of Liquidity, Financing and Collateral, explained, “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.”
