Designed to meet the evolving needs of sophisticated institutional investors in digital capital markets
Collaboration between Goldman Sachs Digital Assets and BNY LiquidityDirect SM to support increased tokenization of financial assets
New York, July 23, 2025 -- The Bank of New York Mellon Corporation ("BNY") (NYSE: BK), a global financial services company, and the Goldman Sachs Group, Inc. (NYSE: GS) 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 Money Market Funds (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 tokenization utilizing 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 utilizing 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 tokenization 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.”
For more information please contact:
Anneliese Diedrichs
BNY
Meghan Carbone
BNY
Nick Carcaterra
Goldman Sachs
About BNY
BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2025, BNY oversees $55.8 trillion in assets under custody and/or administration and $2.1 trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Goldman Sachs Digital Assets
Goldman Sachs’ Digital Assets business is focused on accelerating the potential adoption of digital assets and a blockchain-powered financial system through accessibility, education, and the development of an innovative product offering. The Digital Assets business ensures a holistic experience for Goldman Sachs clients by offering a range of capital markets solutions using blockchain technology (including GS DAP®) and a suite of crypto-linked trading products. For more information about GS DAP® visit: https://developer.gs.com/discover/gs-dap
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