BNY is calling it by its name: FOMO. And according to the bank, that fear is now a primary driver pushing asset managers into tokenized money market funds at a pace the industry has not seen before.
How the plumbing got built
The infrastructure moment that changed the conversation came in July 2025, when BNY and Goldman Sachs jointly launched a mirrored tokenization system for money market fund shares.
The setup works like this: BNY handles custody, shareholder servicing, and investor access through its LiquidityDirect platform. Goldman Sachs runs the blockchain layer through its Digital Asset platform, known as GS DAP. Together, they created the first US system where money market fund subscriptions were integrated directly on both platforms simultaneously.
The launch was not a quiet pilot. BlackRock, Fidelity Investments, Federated Hermes, Goldman Sachs Asset Management, and BNY Investments Dreyfus all participated from day one.
