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State Street Announces Stablecoin Reserves Fund
State Street unveils their latest money market fund catered to stablecoin issuers for stablecoin reserves.
Asset managers are focusing on stablecoin reserves (Lerone Pieters / Unsplash)
State Street launches a fund for stablecoin issuers.
The global investment and asset manager has officially announced plans for a money market fund specifically for stablecoin reserves. Called the Stablecoin Reserves Money Market Fund, this will be in partnership with Anchorage Digital as an investor.
As described in the fund prospectus (published in March):
Shares of the Fund are intended for investment by permitted issuers of a digital asset known as payment stablecoin (the
“Stablecoin Issuers”). One or more of the Stablecoin Issuers may invest all or a portion of the reserve assets that back
the stablecoins to their customers.
Stablecoin issuers are able to use the underlying (government) money market fund shares as applicable reserves under the U.S. Genius Act. It is revealed that the underlying assets in this fund will be as per Rule 2a-7 and a mix of cash, securities and repurchase agreements.
Importantly, the fund is not protected by the FDIC (Federal Deposit Insurance Corporation). There are also 2 share classes: Preferred and Capital, which may incur different fees and expenses.
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