Goldman Sachs and Bank of New York Mellon entering the $71 trillion tokenized currency market.

According to media reports on Wednesday, Goldman Sachs and BNY Mellon are set to announce the creation of channels for institutional investors to purchase tokenized money market funds. Executives from both institutions revealed that clients of the world's largest custody bank, BNY Mellon, will be able to invest in money market funds whose ownership records are recorded on Goldman's blockchain platform. The project has attracted major fund giants such as BlackRock, Fidelity Investments, Federated Hermes, as well as the asset management subsidiaries of both banks. Several Wall Street banks believe that tokenizing the $7.1 trillion money market following the signing of the "GENIUS Act" by former U.S. President Trump last week, which established a stablecoin regulatory framework in the United States, will be the next major breakthrough in the digital asset field. Unlike stablecoins pegged to the U.S. dollar, tokenized money market funds will provide yields for holders, making them very attractive to hedge funds, pension funds, and corporate cash management.