State Street Investment Management launched the State Street Stablecoin Reserves Money Market Fund on June 16, becoming the fourth major asset manager to offer a dedicated reserve vehicle for stablecoin issuers under the framework established by the GENIUS Act, which passed into US law in July 2025.
The fund, ticker SSCXX, is structured as a Rule 2a-7 government money market fund and invests in US government securities and repurchase agreements – the asset classes the GENIUS Act explicitly designates as qualifying reserves for payment stablecoin issuers. State Street Bank and Trust Company and Anchorage Digital, which holds the first federally chartered crypto bank licence in the United States, are initial seed investors. The fund launched with approximately $121 million in assets under management and a yield of 3.51%.
"With the GENIUS Act, a clear framework has been established for how stablecoin reserves can be invested," said Yie-Hsin Hung, president and CEO of State Street Investment Management in a statement . "State Street Investment Management's time-tested approach to cash management focuses on principal preservation, liquidity and income."
Nathan McCauley, co-founder and CEO of Anchorage Digital, described stablecoins as "core financial infrastructure" and said the fund brings together State Street's cash management expertise with Anchorage's regulated stablecoin infrastructure to build "a more resilient, institutional-grade foundation for stablecoin reserves."
State Street is the fourth major institution to enter this space. BlackRock launched the Circle Treasury Reserves fund in partnership with Circle and filed for two additional tokenized money-market funds. Goldman Sachs Asset Management filed to launch its own Stablecoin Reserves Fund, and BNY preceded State Street as well. The clustering of major asset managers around stablecoin reserve management reflects both the GENIUS Act's explicit permissioning of registered 1940 Act money market funds as qualifying reserve vehicles, and the scale of the addressable market: the global stablecoin market sits at approximately $300 billion as of mid-June 2026, with Tether holding roughly $186 billion and USDC accounting for approximately $75 billion. Citi Institute has projected total stablecoin issuance could reach between $1.9 trillion and $4 trillion by 2030.
State Street Investment Management manages over $5 trillion in assets across 60 countries. The new fund builds on its earlier State Street Galaxy Onchain Liquidity Sweep Fund , a tokenized product enabling 24/7 onchain cash management via stablecoins.
