BNY and Goldman Sachs Launch Tokenised MMFs Solution

Published: July 24, 2025

BNY and Goldman Sachs today announced a collaborative initiative by which BNY will employ blockchain technology developed by Goldman Sachs to maintain a record of customers’ ownership of select MMFs, in a significant step towards enhancing the utility and transferability of existing MMF shares.

This combined solution marks the first time in the U.S. that fund managers have enabled subscription for shares of their MMFs via BNY’s LiquidityDirectSM and Digital Asset platforms, the corresponding value of which will be represented through mirrored record tokenisation utilising GS DAP.

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

Investors can subscribe and redeem MMF shares through BNY’s market-leading LiquidityDirectSM platform, which offers connectivity to GS DAP via integration with BNY’s Digital Assets platform. Mirror tokens of the MMF shares are created utilising GS DAP, an award-winning technology platform developed by Goldman Sachs Digital Assets, which leverages solutions developed by Digital Asset.

“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. Our collaboration with Goldman Sachs Digital Assets highlights our role as a trusted bridge between traditional finance and emerging technologies – empowering clients to navigate this transformation with confidence.”

BNY 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 globally.

“Using tokens representing the value of shares of Money Market Funds on GS DAP would enable us to unlock their utility as a form of collateral and open up more seamless transferability in the future,” said Mathew McDermott, Global Head of Digital Assets at Goldman Sachs. “We are excited about this strategic collaboration with BNY in our journey towards the longer-term vision for GS DAP and as we continue to lead and innovate in the digital assets space.”