State Street Launches Money Market Fund Targeting Stablecoin Reserves

The U.S. GENIUS Act, enacted in July 2025, allows compliant money market funds to serve as stablecoin reserve assets, opening competition among asset managers for issuers’ vast cash and U.S. Treasury holdings. State Street Investment Management estimates the global stablecoin market could reach $1.9 trillion to $4 trillion by 2030. BlackRock currently manages most of the Treasury reserves backing roughly $75 billion of USDC.

State Street Investment Management announced the launch of the State Street Stablecoin Reserves Money Market Fund (SSCXX) on June 16. Established on June 8, the fund requires a minimum initial investment of $15 million and aims to maintain a net asset value of $1 per share. State Street Bank and Anchorage Digital were the first investors, extending State Street’s onchain SWEEP initiative with Galaxy Digital. The fund had about $116.04 million in net assets as of July 17.