State Street Enters Crypto Economy with Stablecoin Fund Launch

State Street Corporation, a 234-year-old bank, has expanded into the crypto economy by launching a stablecoin fund. The State Street Stablecoin Reserves Money Market Fund, ticker SSCXX, is designed for stablecoin issuers to hold cash backing their tokens.

The fund is built on a conservative structure that invests in cash, short-term U.S. Treasuries, repurchase agreements, and other cash equivalents. Its aim is 'principal preservation, liquidity and income' with a stable $1 share price.

State Street Bank and Trust and crypto bank Anchorage Digital seeded the fund as initial investors. The launch follows similar reserve and tokenization pushes from BlackRock, JPMorgan, and Morgan Stanley.

The GENIUS Act, passed by Congress in July 2025, clarified how issuers can hold reserves, including in registered money market funds, opening the door for products like SSCXX.