Deployments · platform by BNY
BNY and Goldman Sachs tokenised money market fund shares (LiquidityDirect and GS DAP)Updated 18 Oct 2026
A service in which institutional investors subscribing to selected money market funds through BNY's LiquidityDirect platform have their holdings mirrored as tokens on Goldman Sachs' permissioned GS DAP ledger. BNY keeps the official books and settlement; the tokens are a mirror record intended to make fund shares easier to move and to use as collateral. Launched with five large fund managers; Northern Trust Asset Management added a tokenised share class of its Treasury money market fund in March 2026.
Live (limited) since 23 Jul 2025[1] — Launched with five fund managers; no token volumes or balances disclosed. · Reviewed 13d ago
- Assets
- Jurisdictions
- United States
Participants
- BNYPlatform provider, Operator, Transfer agent or registrar, Distributor[1]United States
- Goldman SachsTechnology provider, Asset manager[1]United States
- Digital AssetTechnology provider[1]United States
- BlackRockAsset manager[1]United States
- Federated HermesAsset manager[1]United States
- Fidelity InvestmentsAsset manager[1]United States
- Northern Trust Asset ManagementAsset manager[3][4]United States
- BNY Investments Dreyfus also participates as a fund manager (recorded under BNY); investor clients are not named.[1]
Likely relevant regulation
- CFTC tokenised collateral and digital-asset margin framework (staff guidance and pilot programme)United States
Timeline
- Happened 2 Mar 2026 · Participant joined · recorded 18 Oct 2026Northern Trust Asset Management launches a tokenised mirror share class of its NIF Treasury Instruments Portfolio, offered first to LiquidityDirect clients via GS DAP.[3]
- Happened 23 Jul 2025 · Launch · recorded 11 Oct 2026BNY and Goldman Sachs launch mirrored tokenisation of MMF shares with BlackRock, BNY Investments Dreyfus, Federated Hermes, Fidelity and Goldman Sachs Asset Management.[1]
Sources
- [1]BNY and Goldman Sachs Launch Tokenized Money Market Funds Solution — BNY, 23 Jul 2025. Accessed 11 Oct 2026.B
- [2]BNY, Goldman Sachs ink tokenized money market fund deal to bring $7.1 trillion industry onchain — The Block, 23 Jul 2025. Accessed 11 Oct 2026.C
- [3]Northern Trust Asset Management Enters Digital Assets Market with Launch of Tokenized Money Market Share Class — Northern Trust Asset Management (Business Wire release, reproduced by 01net), 2 Mar 2026. Accessed 18 Oct 2026. Business Wire and northerntrust.com copies blocked or timed out; read via a syndicated copy of the release..B
- [4]Northern Trust AM Enters Digital Space with Tokenised Fund — The Full FX, Mar 2026. Accessed 18 Oct 2026.C
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