State Street Bank launches SSCXX, a stablecoin reserve money fund compliant with the GENIUS Act.

CoinFeed reported on June 16th that, according to The Block, traditional financial giant State Street has launched the "State Street Stablecoin Reserves Money Market Fund" (ticker symbol: SSCXX), a government money market fund designed specifically for stablecoin issuers to hold stablecoin reserve assets. This fund is a Rule 2a-7 government money market fund, investing only in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, with the objectives of principal safety, daily liquidity, and maintaining a $1 face value.