Traditional financial giants are lining up to enter the market, and money market funds have become the standard infrastructure for compliant stablecoins.

CryptoWorld News reports that Fidelity has announced the launch of a money market fund specifically designed for stablecoin issuers and institutions, aimed at managing cash-like assets backing stablecoins in compliance with the new "Genius Act" reserve regulations. The fund has joined the ranks of financial institutions such as Blackstone, Morgan Stanley, BNY, and State Street, all of which have launched or applied for similar funds this year.