BNY Mellon Launches Money Market Fund for Stablecoin Issuers

Bank of New York Mellon launched its BSRXX money market fund on Nov. 13, designed for stablecoin issuers under the U.S. GENIUS Act signed into law by President Trump earlier this year, U.S. media reports show. The fund allows stablecoin providers to invest funds received when issuing new tokens, holding only securities with maturities of 93 days or less to meet regulatory requirements for dollar-backed digital token reserves. Stephanie Pierce, Deputy Head of BNY Mellon Investment Management, said the fund is structured to comply with the legislation, which mandates shorter-duration investments than traditional money market funds.