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BNY Mellon Announces Stablecoin Reserves Fund
BNY Mellon Announces Stablecoin Reserves Fund. Photo By Sebastiaan Stam On Unsplash.
BNY Mellon has announced BSRXX - the BNY Dreyfus Stablecoin Reserves Fund.
This aims to service U.S. based stablecoin issuers in a capacity to offer shares of the money market fund as reserves and with funding from Anchorage Digital, BNY Mellon prepares for the implementation phase of the GENIUS Act in the coming months.
Deputy Head of BNY Investments Stephanie Pierce has expressed:
"Cash is the cornerstone of the digital asset ecosystem, enabling global capital markets to move toward an always-on, 24/7 environment. Stablecoins are at the forefront of this profound transformation, and we are proud to provide our liquidity leadership and expertise to stablecoin issuers with the launch of the BNY Dreyfus Stablecoin Reserves Fund."
BNY Mellon has been actively involved in the space, already partnering with players such as Ripple and Securitize to offer their custodian services and liquidity solutions as one of the most tested and successful banking institutions. This year it has hit a milestone of $5T AUM in over 100 countries.
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