ProShares’ stablecoin-ready ETF generates record $17 billion in day-one trading volume

The ProShares GENIUS Money Market ETF (NYSE: IQMM), inspired by the GENIUS Act, set a new record for first-day trading volume, generating $17 billion on Thursday. This fund is structured to hold assets meeting the legal reserve requirements for U.S. dollar-backed stablecoins, aligning with the July law mandating 1:1 backing with safe, liquid assets like U.S. Treasury bills. Bloomberg analyst Eric Balchunas noted this volume vastly exceeded previous ETF records, including BlackRock's IBIT debut of $1 billion, suggesting potential "bring your own assets" (BYOA) strategy use by large managers. This launch occurs as stablecoin supply is increasingly used for core wealth allocation, and advocates continue negotiations on stablecoin yields' impact on broader crypto legislation.

(Source：The Block)