BNY draws on more than 240 years of innovation to connect traditional cash workflows with on-chain needs. As the first Global Systemically Important Bank (G-SIB) to provide digital asset custody, BNY delivers solutions built for scale, resilience and compliance.
Why Dreyfus and BNY for Digital Liquidity?
- Institutional Strength: Backed by BNY's global scale, controls and market infrastructure
- Liquidity Expertise: 240+ years of leadership in cash management and short duration investing
- Innovation: First G-SIB offering digital asset custody
- Ecosystem Connectivity: Access to BNY's world-class capabilities to work across platforms, providers and counterparties
- Risk and Compliance: Connecting innovation with trust
Explore our digital offerings.
No cutoff windows. No waiting for markets to open. BLIQUID accepts subscription and redemption orders around the clock, with peer-to-peer token transfers available 24/7 between allow-listed wallets.
BLIQUID tokens are digital representations of shares in the BNY Dreyfus On-Chain Liquidity Fund (BCLXX) one of the first money market funds built natively on blockchain. By using blockchain technology, BLIQUID tokens offer an efficient way to access and transfer fund shares. BCLXX qualifies as a government money market fund under Rule 2a-7 of the Investment Company Act of 1940, as amended, and the U.S. Treasury securities in which the fund invests have a remaining maturity of 93 days or less or are issued with a maturity of 93 days or less.
BNY Dreyfus Stablecoin Reserves Fund (BSRXX)
In the ever-growing crypto market, one of the most widely used products is the stablecoin. These are blockchain tokens supported by or pegged to specific assets like the US dollar, which allows price stability compared to assets like Bitcoin and Ether. BNY Dreyfus Stablecoin Reserves Fund (BSRXX) is an institutional money market fund used by US stablecoin issuers and other qualified institutional investors to hold stablecoin issuers’ cash reserves, as required under the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins). It invests in US Treasuries with maturities of 93 days or less, US Treasury repurchase agreements and cash. It does not invest in stablecoins.
Dreyfus Treasury Securities Cash Management Token-Enabled Shares (TKNXX)
Institutional investors are looking for ways to optimize yield with digital assets and tokenization – especially on cash balances. BNY’s Dreyfus Treasury Securities Cash Management fund offers a token-enabled share class (TKNXX) that maintains the features of a traditional money market fund, while using a private blockchain to mirror a traditional books and records system.
Assets are represented on the blockchain through “tokens,” which are a digital representation of an asset and are built into the blockchain. Clients do not have access to the tokens or ownership records, and will not be able to transact directly on the blockchain. Mirror tokenized funds are available through BNY LiquidityDirectSM.
Ready to adopt digital assets at an institutional scale?
Discuss your investment goals with the BNY Investments Dreyfus team.
Investors should consider the investment objectives, risks, charges, and expenses of a money market fund carefully before investing. To obtain a prospectus, or summary prospectus, if available, that contains this and other information about the fund, contact your financial professional or visit dreyfus.com. Read the prospectus carefully before investing.
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
Although the Fund's board has no current intention to impose a fee upon the sale of shares, the board reserves the ability to do so after providing at least 60 days prior written notice to shareholders.
Blockchain technology is a relatively new and untested technology that operates as a distributed ledger. There are risks associated with the fund’s issuance, transfer, redemption and recordkeeping of shares on a blockchain, and these risks may not fully emerge until technology becomes more widely used. Blockchain systems are public and permissionless and could be vulnerable to fraud. There may also be undiscovered technical flaws in the Transfer Agent’s blockchain-integrated recordkeeping system or the underlying blockchain technology.
Cybersecurity and technology risk: As the use of technology has become more prevalent in the course of business, and in particular because of the fund’s use of blockchain technology (including the Transfer Agent maintaining official ownership records via book-entry tokens and smart contract technology), the fund is more susceptible to operational and financial risks associated with cybersecurity and technology, including: theft, loss, misuse, improper release, corruption and destruction of, or unauthorized access to, confidential or highly restricted data relating to the fund and its shareholders; processing and human errors; inadequate or failed internal or external processes; failures in systems and technology; errors in blockchain, smart contracts and other technology used with respect to the fund; changes in personnel; errors caused by third-parties or trading counterparties; and compromises or failures to systems, networks, devices and applications relating to the operations of the fund and its service providers. These risks may result in financial losses to the fund and its shareholders.
Stablecoin reserve risk: Shares of the fund are intended to be held by stablecoin issuers as reserves backing their outstanding payment stablecoins. The assets of the fund are therefore expected to fluctuate depending on the creation (minting) of additional stablecoins or the redemption (burning) of such stablecoins. Stablecoins are relatively new and may face periods of uncertainty, resulting in the potential for rapid and/or unexpected requests by stablecoin issuers for redemption of the fund's shares (including requests by multiple stablecoin issuers at the same time). Such redemption requests could adversely affect remaining fund shareholders, the fund's liquidity, and the fund's ability to maintain a stable price per share, particularly if such redemptions occur in times of overall market turmoil or declining prices.
Dreyfus Treasury Securities Cash Management Fund The fund's Token-Enabled shares are designed generally for institutional investors, acting for themselves or in a fiduciary, advisory, agency, brokerage, custodial or similar capacity. Token-Enabled shares of the fund also may be purchased directly by individuals. Investors are required to purchase Token-Enabled shares through The Bank of New York Mellon, an affiliate of BNY Mellon Investment Adviser, Inc. (BNYIA), on The Bank of New York Mellon's platform. There are risks associated with shares maintained and recorded primarily on a blockchain. A "blockchain" is a type of digital database or ledger that facilitates the process of recording transactions and tracking assets in a business network. Unlike the currently implemented traditional books and records maintained by fund transfer agents, including the fund's transfer agent, a blockchain is a system that allows for the sharing of information across its network. Assets are represented on the blockchain through "tokens," which are a digital representation of an asset and are built into the blockchain.
The Bank of New York Mellon will mirror the ownership of its clients' Token-Enabled shares on a blockchain implemented by a financial institution (Blockchain). The recording of the ownership of Token-Enabled shares of the fund by The Bank of New York Mellon on the Blockchain will not affect the fund's investments.
BNY is not a stablecoin issuer but can help clients issue their own stablecoin. BNY can serve as a reserve custodian and cash bank and service the value chain as the investment manager, mint/burn bank, and cash bank.
Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. BNY is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term to reference the Corporation as a whole or its various subsidiaries generally.
Investment Products: Not FDIC-Insured | No Bank Guarantee | May Lose Value
BNY Mellon Securities Corporation, distributor, 240 Greenwich St., New York, NY 10286
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