[State Street Bank Launches Stablecoin Reserve Fund SSCXX in Compliance with the GENIUS Act]
According to The Block, State Street Bank has launched the State Street Stablecoin Reserves Money Market Fund (SSCXX), providing reserve asset management tools for stablecoin issuers. The fund is a Rule 2a-7 government money market fund, primarily investing in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents. Its goal is to achieve principal preservation, daily liquidity, and a stable $1 per share net asset value. The product is supported by initial investments from State Street Bank and Anchorage Digital and is designed to comply with regulatory requirements under the GENIUS Act. State Street Bank has also introduced the on-chain liquidity product SWEEP for stablecoin scenarios and launched the Digital Asset Platform (DAP).
