Fidelity Investments announced the launch of the money market fund Fidelity Reserves Digital Fund, targeting stablecoin issuers and institutional investors to manage stablecoin reserve assets. The fund will invest in U.S. Treasury bonds with maturities of no more than 93 days, cash, overnight repurchase agreements collateralized by U.S. Treasuries, and government money market funds that meet the requirements of the GENIUS Act. Previously, State Street also launched a similar product. As the GENIUS Act establishes a federal regulatory framework for U.S. payment stablecoins, traditional asset management firms are accelerating their deployment into the stablecoin reserve management market, competing for the fund management business driven by the expansion of stablecoin issuance. (CoinDesk)