Coinbase announced an investment in the ProShares Money Market ETF IQMM to advance stablecoin cash management.

CoinFeed reported on June 2nd that Coinbase announced an investment in ProShares' GENIUS Money Market ETF (ticker symbol IQMM) to advance stablecoin cash management. This product is one of the first money market ETFs designed under the GENIUS Act to be used as stablecoin reserves. IQMM primarily holds U.S. Treasury securities and cash equivalents with maturities of no more than 93 days, aiming to meet the GENIUS Act's Section 4 requirement of a 1:1 reserve backing of high-quality, highly liquid assets.