Fidelity also needs to set up stablecoin reserve money-market funds under the GENIUS Act, just as State Street has recently moved in. Don’t just stare at who issues stablecoins—the real temptation may be who manages the reserves: cash, short-term debt, and government money-market funds, written into the bill as the infrastructure for stablecoin expansion. Stablecoins run in the front end, while TradFi counts the money in the background—pretty good at finding the entry point for desire.