TechFlow, July 23 — According to CNBC, Goldman Sachs and Bank of New York Mellon announced they are creating the ability for institutional investors to purchase tokenized money market funds.
The two Wall Street giants believe that tokenizing the $7.1 trillion money market industry represents the next leap forward for digital assets. Unlike stablecoins, tokenized money market funds offer yield to holders, making them an attractive option for hedge funds, pensions, and corporations to park cash.
Laide Majiyagbe, BNY’s global head of liquidity, financing, and collateral, said the tokenization step is significant as it enables seamless and efficient transactions, eliminating friction present in traditional markets.
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