CNBC: Goldman Sachs and BNY Mellon to Provide Tokenized Currency Market Fund

On July 23rd, as per the report of CNBC, Goldman Sachs and BNY Mellon are scheduled to announce that they have made it possible for institutional investors to purchase tokenized money market funds. According to executives from both these companies, New York Mellon's clients, being the world's largest custodian bank, will be able to invest in money market funds whose ownership is documented on the Goldman Sachs blockchain platform. This project has attracted a group of fund giants such as BlackRock, Fidelity Investments, Federated Hermes, as well as the asset management divisions of Goldman Sachs and BNY Mellon. Wall Street giants think that following the new law signed by President Trump last week, namely the GENIUS Act, which indicates the arrival of regulated stablecoins in the US, tokenizing the $7.1 trillion money market fund is the next major step forward in the digital asset space. This legislation is anticipated to promote the mainstream adoption of stablecoins (which are typically pegged to the dollar) in practical applications. JPMorgan Chase, Citigroup, and Bank of America have all expressed that they are exploring the use of stablecoins in payment scenarios. However, in contrast to stablecoins, tokenized money market funds can offer holders a yield, making it a more appealing "cash parking" option for hedge funds, pension funds, and corporations.