ProShares GENIUS Money Market ETF Shatters Records With $17B Debut

• IQMM posts record $17 billion first day trading volume
• GENIUS Act framework drives surge in stablecoin reserve ETF
• Analysts cite Circle link behind massive ETF launch

Wall Street witnessed a sharp surge in trading activity as the ProShares GENIUS Money Market ETF drew massive capital on its first day. The ProShares GENIUS Money Market ETF under ticker IQMM generated $17 billion in debut trading volume on Thursday. That figure immediately placed the fund among the most actively traded exchange traded funds in history.

Record Breaking First Day Trading Activity

IQMM is structured to hold assets that satisfy legal reserve requirements for U.S. dollar backed stablecoins. The portfolio aligns with the GENIUS Act, which Donald Trump signed into law last July. The law requires stablecoin issuers to maintain one to one backing with safe and liquid assets. Those reserves typically include short term U.S. Treasury bills and similar instruments.

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Bloomberg senior ETF analyst Eric Balchunas reacted to the development publicly. According to Balchunas, the trading volume exceeded every prior ETF launch record. He acknowledged that he initially expected limited appeal. According to his comments on X, he assumed investors would continue using funds like BIL or SHV.

For comparison, BlackRock’s iShares Bitcoin Trust ETF, trading as IBIT, recorded $1 billion in day one volume in January 2024. IQMM surpassed that figure by a wide margin. Additionally, Balchunas suggested the surge could reflect a bring your own assets strategy. That practice involves asset managers directing client capital into proprietary products.

Stablecoin Issuers and Institutional Strategy in Focus

Attention quickly shifted to the potential source of the capital inflows. NovaDius Wealth Management President Nate Geraci offered insight into that question. According to Geraci, ProShares may have reached an arrangement with a major U.S. stablecoin issuer. He added that Circle, the issuer of USDC, appears to be the most likely candidate.

Meanwhile, stablecoins continue to expand beyond trading functions. A joint study conducted with Coinbase and Artemis showed that users increasingly treat stablecoins as everyday money. The study noted that holders allocate nearly one third of savings to crypto and stablecoins. Consequently, regulatory clarity under the GENIUS Act may strengthen institutional confidence.

Moreover, discussions between crypto advocates and banking groups continued this week. Participants met to negotiate how stablecoin yields could shape broader market structure legislation. Those talks reflect growing alignment between traditional finance and digital asset infrastructure.

Conclusion

IQMM’s $17 billion first day performance underscores rising institutional engagement with regulated stablecoin reserve assets. The fund’s structure and timing reflect how federal policy now shapes digital asset market dynamics.

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