BNY launches money market fund dedicated to stablecoin reserves

Bank of New York Mellon (BNY) has introduced a dedicated money market fund aligned with the U.S. stablecoin regulatory framework (the GENIUS Act), expanding the liquidity market for digital assets.

According to PR Newswire on the 13th (local time), BNY said it officially launched the money market fund for stablecoin reserves 'BNY Drapers Stablecoin Reserve Fund (BSRXX)'. The product is an institutional fund designed to allow U.S. stablecoin issuers to deposit prescribed reserve assets; it does not invest directly in stablecoins and holds only qualified assets recognized under the GENIUS Act.

Stephanie Pierce, Deputy Head of BNY Investments, said, "Stablecoins are the core infrastructure of the digital asset ecosystem that creates a 24-hour payment environment," and "this fund aims to help issuers manage reserves stably in line with regulatory requirements."

BNY also said it attracted initial investment from Anchorage Digital, the first federally chartered crypto bank in the U.S., with the launch of the fund. Nathan McCauley, CEO of Anchorage Digital, said, "The GENIUS Act and BNY's liquidity infrastructure will create new standards for the regulated era of stablecoins."

BNY emphasized, "This fund will be one of the reserve options stablecoin issuers can choose after the GENIUS Act takes effect."

Meanwhile, BNY has operational experience in various areas such as digital asset ETFs and tokenized funds, and currently provides fund services to over 80% of digital asset ETPs in the U.S., Canada, and Europe.