Goldman Sachs and Bank of New York Mellon said Wednesday they have built a system that lets institutional clients buy shares of money-market funds in tokenized form, recording ownership on Goldman’s private blockchain. The service, accessible through BNY’s LiquidityDirect platform and powered by Goldman’s Digital Asset Platform, is aimed at shortening settlement times and enabling 24-hour trading of an asset class long constrained by market hours. Fund managers including BlackRock, Fidelity Investments, Federated Hermes and BNY Investments Dreyfus are participating in the initial rollout. Together they manage a portion of the $7.1 trillion U.S. money-market universe—vehicles that invest in short-term instruments such as Treasury bills and commercial paper. By turning fund shares into digital tokens, the banks expect the assets to move more easily between counterparties and be posted as collateral in real time. The initiative is part of Wall Street’s broader effort to bring traditional securities onto blockchains after President Donald Trump signed the GENIUS Act last week, establishing federal rules for stablecoins. Unlike dollar-pegged stablecoins, tokenized money-market funds continue to pay a yield, offering hedge funds, pensions and corporates an on-chain cash-management option that executives say could free up capital and reduce operational risk across financial markets.