Key Facts

• State Street Investment Management launched a money market fund designed for stablecoin issuers, offering a vehicle for holding reserve assets under the framework established by the GENIUS Act, with initial investors including State Street Bank and Anchorage Digital, a federally chartered crypto bank.
• The fund is structured as a Rule 2a-7 government money market fund and will invest in assets commonly used to back stablecoins, including US government securities and repurchase agreements.
• The GENIUS Act, signed into law on July 18, 2025, created the first federal regulatory framework for payment stablecoins in the United States, and State Street said the product was designed to comply with reserve requirements established under this law.
• The stablecoin market has grown to approximately $315 billion from about $260 billion when the GENIUS Act was signed into law, according to DefiLlama data, with projections from Citi estimating global stablecoin issuance could reach between $1.9 trillion and $4 trillion by 2030.
• State Street Investment Management, the asset management arm of State Street Corporation, oversees more than $5 trillion in assets and is one of the world's largest investment managers, and this launch follows the introduction of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized liquidity product developed with Galaxy Digital.