State Street Bank launches a stablecoin reserve money market fund compliant with the GENIUS Act

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Deep Tide TechFlow News, June 16, According to The Block, State Street Bank has launched the State Street Stablecoin Reserves Money Market Fund (SSCXX), providing reserve asset management tools for stablecoin issuers. The fund is a Rule 2a-7 government money market fund, primarily investing in cash, short-term U.S. Treasury bonds, repurchase agreements, and other cash equivalents, aiming to preserve principal, provide daily liquidity, and maintain a stable net asset value of $1 per share.

The report states that the product received initial investment support from State Street Bank and Anchorage Digital, and is explicitly designed to meet the regulatory requirements of the GENIUS Act. This move continues State Street Bank's strategic layout in digital assets and tokenized cash management, following the launch of its on-chain liquidity product SWEEP for stablecoin scenarios and the digital asset platform DAP.

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