The Bank of New York Mellon Corporation (BNY) and Goldman Sachs have partnered to launch a tokenised money markets funds solution using blockchain technology.

Through the initiative, BNY will employ blockchain technology developed by Goldman Sachs to maintain a record of customers‘ ownership of selected money market funds (MMFs).

BNY said the move is a “significant step” towards enhancing the utility and transferability of existing MMF shares.

The company added that the combined solution marks the first time in the US that fund managers have enabled subscription for shares of their MMFs via BNY’s LiquidityDirectSM, which provides liquidity management for institutional clients.

The corresponding value of the MMFs will be represented through mirrored record tokenisation utilising GS DAP, which Goldman Sachs’s permissioned, smart-contract-powered platform for issuing, managing, and settling tokenised financial assets.

BNY said it will continue to maintain the official books, records, and settlements for the funds within currently approved guidelines while also enabling mirror tokens on GS DAP with the aim of creating future opportunities across the rest of the world.

Asset managers including BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity Investments, and Goldman Sachs Asset Management will participate in the initial launch.

“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 tokenisation 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.”

As of June 30, 2025, BNY oversees $55.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management. The company claims to help over 90 per cent of Fortune 100 companies and nearly all the top 100 banks globally access the money they need.

Additionally, BNY works with governments to fund local projects and works with various pension plans to safeguard investments.

Goldman Sachs’ digital assets business is focused on accelerating the potential adoption of digital assets and a blockchain-powered financial system through accessibility, education, and the development of an innovative product offering.

The company’s digital assets business offers a range of capital markets solutions using blockchain technology such as GS DAP and a suite of crypto-linked trading products.

At the start of this year, the chief information officer (CIO) at Goldman Sachs said that the bank is implementing a genAI assistant that will some day mimic the traits its seasoned employees.

In an interview with CNBC, Marco Argenti revealed that Goldman has rolled out its GS AI assistant to 10,000 bankers, traders and asset managers, with plans to expand this to all the bank’s knowledge workers this year.

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