according to US media, BNY Mellon is launching a money market fund specifically tailored for stablecoin issuers, who need to comply with the recently signed US stablecoin legislation. The bank's BSRXX is one of the first funds designed specifically for stablecoin providers, aimed at providing them with an investment venue where they can deposit funds received when issuing new tokens, while complying with the GENIUS Act signed into law earlier this year by Trump. The law requires issuers of dollar-backed digital tokens to invest their reserves in ultra-safe investments with durations shorter than traditional money market funds. Stephanie Pierce, Deputy Head of BNY Mellon Investment Company, stated that the new fund is designed to meet the law's requirements by holding only securities with maturities of 93 days or less.
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Bank of New York Mellon launches money market fund designed specifically for stablecoin issuers.
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