Fidelity Launches Stablecoin Reserve Fund Under GENIUS Act

• Fidelity Investments launched a GENIUS Act-compliant reserve fund for issuers.
• Fidelity Reserves Digital Fund holds Treasuries, cash, and overnight repo agreements.
• Wall Street firms, including State Street, race for the stablecoin reserve management market.

Fidelity Investments has entered the stablecoin reserve business with the launch of the Fidelity Reserves Digital Fund, a money market fund built for stablecoin issuers and institutional investors.

The fund is designed to help issuers comply with reserve requirements under the GENIUS Act, the first federal framework for payment stablecoins in the United States.

Fidelity formally announced the product on June 18, putting it in direct competition with similar offerings from State Street and other Wall Street firms.

Fidelity Expands Its Stablecoin Push

The Fidelity Reserves Digital Fund, trading under the…

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