BlackRock Proposes New Digital Share Category for Money Market Fund

BlackRock has submitted an application to offer a new category of digital shares within its $150 billion money market fund, designated as DLT Shares. This initiative will be exclusively sold through BNY Mellon, which plans to utilize blockchain technology to reflect ownership in real-time. While this move is currently seen as a testbed for the potential use of digital currency or cash, it could have wider implications for the financial industry.