Today, State Street Investment Management announced the launch of its State Street Stablecoin Reserves Money Market Fund, which is targeting stablecoin issuers with a GENIUS Act compliant fund. Technically it launched earlier this month and currently has $121 million in assets under management, with Anchorage Digital and State Street Bank as initial fund investors.
Anchorage Digital, the first digital asset bank to gain an OCC national trust charter in 2021, is the issuer of several stablecoins, including Tether’s onshore coin, USAT, Ethena’s asset-backed stablecoin USDtb, and Western Union’s USDPT.
State Street joins many high profile asset managers in launching a fund to target stablecoin issuers, with the GENIUS Act requiring any Treasury bill investments to have a maturity of 93 days or less. Like many of them, the State Street fund is a conventional one. We explore below how much investment they have each attracted.
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