Overview
- Morgan Stanley Investment Management, which launched the Stablecoin Reserves Portfolio on Thursday, listed the fund under ticker MSNXX inside its Institutional Liquidity Funds trust.
- The portfolio invests only in cash, U.S. Treasuries with 93 days or less to maturity, and overnight repos backed by Treasuries to fit GENIUS Act reserve rules.
- It targets a stable $1 share price with daily liquidity, though the NAV is not guaranteed and the shares are not FDIC insured.
- Entry requires a $10 million minimum and a 0.15% management fee, and the fund is also open to other institutional investors beyond stablecoin issuers.
- The move builds on Morgan Stanley’s Bitcoin trust and tokenized fund share work with BNY Mellon and puts it in direct competition with BlackRock, which already manages some issuers’ reserves.