Federated Hermes launches its first reserve fund compliant with the GENIUS Act.

CoinFeed reported on June 11 that asset management firm Federated Hermes recently launched the "Federated Hermes Money Market Management Digital Treasury Fund – Reserve Shares (NASDAQ:OFFXX)". The fund primarily invests in USD cash maturing within 93 days, US Treasury bonds, and overnight repurchase agreements fully guaranteed by US Treasury bonds, aiming to meet the regulatory requirements of the GENIUS Act regarding reserve assets and liquidity for payment-type stablecoin issuers. While the fund does not directly utilize blockchain technology, it is expected to primarily serve stablecoin issuers and a broader range of blockchain ecosystem participants, and may introduce a blockchain-based registered holder mechanism in the future.