State Street launches money market fund for stablecoin reserves, joining BlackRock and Franklin Templeton

State Street launched a government money market fund tailored for stablecoin issuers, competing with BlackRock, Franklin Templeton and others to manage the growing pool of Treasury assets backing digital dollars.

• The State Street Stablecoin Reserves Money Market Fund is designed for issuers operating under the GENIUS Act framework.
• Initial investors include State Street Bank and Anchorage Digital.
• BlackRock already manages much of Circle's $75 billion USDC Treasury portfolio.
• Global stablecoin issuance could reach $1.9 to $4 trillion by 2030, per industry projections.
• State Street also recently launched SWEEP, a tokenized liquidity fund with Galaxy Digital.

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