Bank of New York Mellon (BNY) and Goldman Sachs (GS) are implementing tokenized monetary market funds for customers as the adoption of digital assets is accelerating.
Bny, which is one of the oldest and largest custody banks in the world that supervises the $ 53 billion, announced Wednesday to start offering token versions of institutional investors of the classes of shares of funds of the money market through its liquidation platform. Property records and transactions are recorded in blockchain of the Goldman Sachs digital asset platform. The institutions that have been registered include Blackrock, Fidelity, among others.
Bny acts as the administrator and custodian of the shareholders for the funds, the new role of the Tokenization Manager, responsible for triggering the coin and the burning of tokens that reflect Bny’s actions in Bny’s books, according to the offering website.
“The passage of tokenization is important, because today that will allow perfect and efficient transactions, without the frictions that occur in traditional markets,” Laide Majiyagbe, Global Chief of Liquidity, Financing and Association of BNY told CNB.
The tokenized monetary market funds, predominantly supported by values of the United States government, have been at the forefront of tokenization efforts, carrying traditional asset classes to the Blockchain rails.
The United States tokenized treasures market exceeded $ 7 billion this year, rather than tripling in a year, as shown in Rwa.xyz data. While it grows rapidly, that is just a fraction of the general market funds market of $ 7 billion of $ 7.
