ProShares GENIUS Money Market ETF Trades $17 Billion on Debut, Boosting Asset Tokenization

The United States passed the GENIUS Act in June 2025, establishing a federal regulatory framework for payment stablecoins and requiring issuers to fully back them with highly liquid assets such as cash, bank deposits or short-term U.S. Treasuries. ProShares' IQMM invests exclusively in U.S. government debt maturing within 93 days, linking stablecoin reserves and traditional cash management through an ETF while making the tokenization of money market funds a key area of development.

ProShares launched the GENIUS Money Market ETF (IQMM) on February 19, 2026, and it recorded $17 billion in first-day trading volume, far exceeding the roughly $1 billion debut of BlackRock's spot Bitcoin ETF, IBIT. Most of the trading was later found to have resulted from internal cash management among ProShares funds. On June 2, Coinbase also announced an investment in IQMM for an undisclosed amount, signaling that crypto companies are beginning to adopt regulated reserve instruments.