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

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. This fund is a Rule 2a-7 government money market fund, primarily investing in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, aiming to achieve principal preservation, daily liquidity, and a stable $1 share net asset value.

The report states that the product has received initial investment support from State Street Bank and Anchorage Digital and has been explicitly designed to comply with the regulatory requirements of the GENIUS Act. This move continues State Street Bank's strategy in the field of digital assets and tokenized cash management, having previously launched the on-chain liquidity product SWEEP for stablecoin scenarios and launched the digital asset platform DAP.