State Street Investment Management has launched the State Street Stablecoin Reserves Money Market Fund, a GENIUS Act-aligned fund targeting stablecoin issuers.
State Street Bank and Trust Company, and Anchorage Digital, home to the first federally chartered crypto bank in the United States, are initial investors in the fund.
Yie-Hsin Hung, president and chief executive officer of State Street Investment Management, said: “With the GENIUS Act, a clear framework has been established for how stablecoin reserves can be invested.
“State Street Investment Management’s time-tested approach to cash management focuses on principal preservation, liquidity and income, and we’re excited to partner with Anchorage Digital to bring these capabilities to the digital assets space.”
“Stablecoins are quickly becoming core financial infrastructure, making the quality and management of their reserves critically important,” said Nathan McCauley, co-founder and chief executive officer of Anchorage Digital.
“As the GENIUS Act establishes a clear regulatory framework, this fund brings together State Street Investment Management’s decades of cash management expertise with Anchorage Digital’s regulated stablecoin infrastructure to help advance a more resilient, institutional-grade foundation for stablecoin reserves.”
This launch follows the recent introduction of State Street Investment Management and Galaxy Asset Management’s onchain liquidity sweep fund, SWEEP, a tokenised liquidity solution enabling 24/7 onchain cash management via stablecoins.
