State Street unveils stablecoin reserve fund under GENIUS Act

State Street launched SSCXX, a GENIUS Act-compliant money market fund for stablecoin issuers, investing in cash and Treasuries to ensure safety, liquidity, and a stable $1 share price.

State Street has introduced the State Street Stablecoin Reserves Money Market Fund (SSCXX), a government money market fund tailored for stablecoin issuers to manage their reserves. Structured under Rule 2a-7, SSCXX invests in cash, short-term U.S. Treasuries, repurchase agreements, and other cash equivalents, focusing on principal preservation, daily liquidity, and maintaining a stable $1 share price. The fund is fully compliant with the GENIUS Act, enacted in July 2025, which establishes a regulatory framework for stablecoins and permits such funds to hold stablecoin reserves. This positions State Street alongside major competitors like BlackRock, Franklin Templeton, Fidelity, and JPMorgan, all vying to manage the expanding reserves supporting digital dollars. With global stablecoin issuance projected to reach $4 trillion by 2030, reserve management is becoming a lucrative sector for Wall Street. SSCXX is backed by State Street Bank and Trust Company and Anchorage Digital, merging traditional and digital asset management expertise.