BNY Launches Ethereum and Solana-Based MMF BLIXX
Prefer us on GoogleBNY has launched a money market fund (MMF) called the 'BNY Dreyfus On-Chain Liquidity Fund' connected to the Ethereum and Solana blockchains. This fund uses the ticker BLIXX and collaborates with BitGo to provide a digital-native MMF. The fund aims for capital preservation and liquidity maintenance, with investment targets including U.S. Treasury bills and cash-backed overnight repurchase agreements. The minimum investment amount is set at $3,000. Ownership records are managed through public blockchains and traditional ledger systems, with BNY Mellon Transfer and BNY Mellon Investment Servicing overseeing ownership records through the permitted wallet ecosystems of Ethereum and Solana. The BLIQUID token is used as a ledger entry token linked to fund shares. BNY plans to launch a tokenization solution reflecting MMF shares in July 2025, expanding the intersection of traditional finance and real asset tokenization through the introduction of blockchain-based MMF ledger structures. The prospectus states that this fund is not FDIC insured and outlines various risk factors.
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