Fidelity Launches Stablecoin Reserve Digital Fund on Thursday, Enters Market Competition

According to CoinDesk, Fidelity Investments launched Fidelity Reserves Digital Fund on Thursday (June 18), a money market fund for stablecoin issuers and institutional investors to manage stablecoin reserves required under the GENIUS Act. The fund will invest in U.S. Treasury bills maturing within 93 days or less, cash, Treasury-backed overnight repurchase agreements, and other compliant government money market funds. The launch follows a similar product release by State Street, signaling intensifying competition among traditional financial institutions for a market potentially worth trillions of dollars.
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