Goldman Sachs and Bank of New York Mellon have partnered to offer mirrored tokenization services for money market fund investments through blockchain technology.
Goldman Sachs Group and Bank of New York Mellon Corporation have entered a collaboration to bring mirrored tokenization services to customers using BNY’s LiquidityDirect platform via Goldman Sachs’ blockchain-based Digital Assets Platform (GS DAP).
The announcement, revealed in a press release on July 23, indicates that this is a “first-of-its-kind initiative” enabling BNY money market fund (MMF) share subscription holders to record investments as mirrored digital assets, which will allow them to collateralize their holdings.
These tokenized assets will function similarly to stablecoins, providing a secured digital asset that offers faster transaction settlements than traditional asset services. However, unlike stablecoins, the mirrored MMF assets pay yields to owners.
Major Financial Giants Embrace Digital Asset Strategy
This news comes as part of a larger ongoing push by both Bank of New York Mellon Corporation and Goldman Sachs Group to forge ahead in the cryptocurrency and digital assets spaces. As Coinspeaker reported in April, BNY Mellon purchased an undisclosed number of shares in the Grayscale Bitcoin Trust and Blackrock’s iShares Bitcoin Trust.
BNY is one of the largest US-based financial institutions with involvement in cryptocurrency. It currently serves more than 90% of Fortune 100 companies and nearly all the top 100 banks globally. As of June 30, 2025, according to a company press release, it oversees $55.8 trillion in assets under custody and $2.1 trillion in assets under management.
Through their collaboration, BNY and Goldman Sachs are among the first global banking giants to bridge the $7 trillion MMF market with tokenized assets in the US, signaling a definitive shift toward multiplatform and blockchain-based banking and financial solutions.
For its part, Goldman Sachs has approximately $3.1 trillion in assets under management with annual revenues of over $53.5 billion as of 2024. Meanwhile, according to a post from Goldman Sachs, the launch of the collaborative Tokenized Money Market Fund initiative on July 23 marks the debut of the Goldman Sachs Digital Assets Platform in the US market.
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