Bank of New York Mellon Corp. and Goldman Sachs Group Inc. are collaborating to use blockchain technology to maintain an ownership record of money market funds.

Goldman Sachs and BNY Mellon are tokenizing money market funds to stay competitive as stablecoin adoption surges. JPMorgan strategist Teresa Ho says the move could expand use cases, including margin collateral.

The banking giants join a growing list of traditional financial firms seeking to bring crypto technology to assets ranging from stocks and investment funds to commodities.