US asset managers roll out GENIUS Act‑compliant stablecoin reserve funds

Fidelity Investments launched the Fidelity Reserves Digital Fund, a money‑market vehicle that invests in cash, short‑term U.S. Treasury securities and overnight repurchase agreements to help stablecoin issuers meet reserve requirements under the GENIUS Act. State Street Investment Management introduced the State Street Stablecoin Reserves Money Market Fund (tickers SSCXX/SSRXX) with about $121 million of assets, a 0.18 % expense ratio and backing from Anchorage Digital, the first federally chartered crypto bank. Both funds are structured as Rule 2a‑7 government money‑market funds and are designed to satisfy the GENIUS Act’s mandate that stablecoin reserves be held in high‑quality liquid assets such as cash and U.S. Treasuries. "The GENIUS Act gave stablecoin issuers their first federal framework," said Yie‑Sin Hung, CEO of State Street Investment Management, while Anchorage Digital’s Nathan McCauley noted that stablecoins are becoming core financial infrastructure. Industry projections suggest global stablecoin issuance could reach $1.9‑4 trillion by 2030, creating a large market for compliant reserve‑management products.