Fidelity Launches Stablecoin Reserve Money Market Fund, Joining Wall Street Competition

CoinFeed June 18 news, according to CoinDesk, Fidelity Investments launched the Fidelity Reserves Digital Fund on Thursday, a money market fund for stablecoin issuers and institutional investors, designed to manage stablecoin reserve assets required by the GENIUS Act. Fidelity's fund will invest in U.S. Treasury bills with maturities of 93 days or less, cash, Treasury-backed overnight repurchase agreements, and other compliant government money market funds. This follows State Street's recent launch of a similar product, highlighting that traditional financial institutions are competing to capture this market that could expand to trillions of dollars.