CNBC: Goldman Sachs and Bank of New York Mellon to Launch Tokenized Money Market Fund

ChainCatcher news, according to CNBC, Goldman Sachs and Bank of New York Mellon will launch tokenized money market funds.

The two Wall Street giants believe that the tokenization of the $7.1 trillion money market industry is the next leap for digital assets. Unlike stablecoins, tokenized money market funds offer yields to holders, making them an attractive option for hedge funds, pension funds, and corporations to park cash.

Laide Majiyagbe, head of global liquidity, financing, and collateral at BNY, stated that the tokenization step is very important, enabling seamless and efficient transactions while eliminating friction in traditional markets.