It’s been just a week since the U.S. passed three major digital asset laws and the world is already reacting. Everyone from Western Union to China is suddenly moving faster on stablecoins. While banks and financial institutions are exploring the space, economists are flagging challenges (“The rise and risks of stablecoins”, FT).
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Goldman Sachs and BNY Mellon launched tokenised money market funds. BlackRock, Fidelity, Federated Hermes are already signed up. It’s live on Goldman’s private blockchain, with BNY clients now able to hold yield-bearing tokens backed by traditional MMFs. [NEWS] [ANALYSIS]
So what? $2.5T has poured into money market funds since 2022. Tokenised MMFs combine 24/7 liquidity, faster settlement, and yield, turning them into programmable “cash equivalents”. For the first time, money market funds can be used as native financial primitives opening doors to automated collateral flows, intraday liquidity optimisation, and programmable treasury.
Tether will enter the US with its own stablecoin. Its CEO, Paolo Ardoino, says the company is “well in progress” on a U.S. domestic strategy, focused on payments, interbank settlement, and trading. It has been sidelined since its $60M settlement with NY authorities in 2021. [NEWS] [ANALYSIS]
