State Street launches money market fund for stablecoins

State Street has introduced a new government money market fund specifically designed for stablecoin issuers to manage their reserves. This fund, named the State Street Stablecoin Reserves Money Market Fund (SSCXX), aims to provide principal preservation, daily liquidity, and a stable share price, while also generating yield. The initiative follows similar moves by major financial institutions like BlackRock, Morgan Stanley, and JPMorgan into the tokenization space. State Street Bank and Trust Company and Anchorage Digital are providing initial investment, underscoring the growing institutional interest in regulated digital asset infrastructure.