Overview
- State Street introduced the State Street Stablecoin Reserves Money Market Fund, trading as SSCXX and SSRXX, which began on June 8 and was publicly announced on Tuesday with about $121 million in initial assets and a roughly 0.18% expense ratio.
- The fund is a registered Rule 2a-7 government money market fund that invests only in cash and short-term U.S. government securities and is built to preserve a $1.00 net asset value while offering daily liquidity.
- State Street designed the vehicle specifically to meet the reserve rules set by the GENIUS Act so stablecoin issuers can hold compliant, auditable reserves that satisfy the law’s standards.
- Anchorage Digital and State Street Bank and Trust Company served as seed backers, and the launch complements State Street’s tokenization and onchain-liquidity work including earlier projects with Galaxy and its Digital Asset Platform.
- The fund puts State Street into direct competition with BlackRock, Franklin Templeton, Fidelity and others for a market that firms estimate could grow into the trillions by 2030 and may lower fees while outsourcing reserve operations for issuers.