$5.5 Trillion State Street Enters Stablecoin Market with GENIUS Compliant Fund

State Street has introduced a government money market fund specifically for stablecoin issuers. The State Street Stablecoin Reserves Money Market Fund is organized as a registered Rule 2a-7 government money market fund and is compliant under the GENIUS Act framework.

The fund's launch comes amid projections of massive growth in the stablecoin market, with global issuance volume expected to rise between $1.9 trillion and $4 trillion by 2030, according to State Street.

Initial backers of the fund include State Street Bank and Trust Company and crypto banking firm Anchorage Digital.