New York Mellon Bank Launches Money Market Fund Designed for Stablecoin Issuers

BlockBeats News, November 13th, according to US media reports, BNY Mellon is launching a money market fund specifically designed for stablecoin issuers who need to comply with recent US stablecoin laws. The bank's BSRXX is one of the first funds tailored for stablecoin providers, aiming to provide them with an investment venue to deposit funds received when issuing new tokens, while complying with the "GENIUS Act" signed into law earlier this year by Trump. The law requires issuers of USD-backed digital tokens to invest their reserves in ultra-safe investments with a shorter duration than traditional money market funds. Stephanie Pierce, Deputy Head of BNY Mellon Investment Management, stated that the design of the new fund aims to meet the law's requirements by holding only securities with a maturity of 93 days or less.