Stablecoin News: BNY Launches Stablecoin Reserve Fund for Issuers, Eyeing $1.5T Market

BNY, one of the oldest U.S. banks, is introducing the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a new money market fund designed to hold cash-equivalent reserves for stablecoin issuers. This fund acts as a regulated vehicle to back stablecoins issued under the GENIUS Act, a federal law establishing a framework for U.S. dollar-pegged digital currencies. BNY projects the stablecoin market could grow from its current $300 billion to $1.5 trillion by the end of the decade, viewing stablecoins as central to the transformation toward 24/7 global capital markets. The fund, which does not hold stablecoins directly, aims to provide essential infrastructure for issuers to maintain token value, similar to BlackRock's Circle Reserve Fund for USDC. Anchorage Digital provided the initial investment, and the fund is accessible to qualified institutional investors.

(Source：CoinDesk)