State Street launches money market fund for stablecoin reserves, competing with BlackRock and Franklin Templeton

Summary

State Street has launched a government money market fund specifically designed for stablecoin issuers, aiming to manage the reserve assets backing digital dollars under the GENIUS Act regulatory framework. This move intensifies competition among major asset managers including BlackRock, Franklin Templeton, Fidelity, and JPMorgan, all vying to oversee the growing stablecoin reserve market.