State Street has launched a new money market fund for stablecoin issuers, adhering to the upcoming GENIUS Act regulations.
State Street's investment division has launched a new money market fund tailored for stablecoin issuers, named the State Street Stablecoin Reserves Money Market Fund.
This fund is designed to comply with the forthcoming U.S. GENIUS Act, set to take effect in July 2025, which will regulate the backing of stablecoins with money market assets.
The fund's initial backers include State Street Bank and Trust Company and Anchorage Digital, a crypto-focused bank.
Ye-Sin Hung, head of State Street Investment Management, highlighted that the GENIUS Act provides a framework for reserve investments, allowing the new fund to leverage the firm’s expertise in cash management alongside digital asset infrastructure.
Anchorage Digital noted the importance of effective reserve management in ensuring stablecoins are integrated into the core financial system.
Forecasts suggest that stablecoin issuance could soar to between $1.9 trillion and $4 trillion by 2030, driven by increased institutional adoption, which will heighten the need for transparent backing through government money market funds.
Furthermore, in May, State Street and Galaxy launched the SWEEP fund, aimed at providing continuous liquidity management utilizing stablecoins.
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