State Street launches SSCXX, a stablecoin reserve fund compliant with the GENIUS Act

According to The Block, State Street Bank has launched the State Street Stablecoin Reserves Money Market Fund (SSCXX), providing reserve asset management tools for stablecoin issuers. This fund is a Rule 2a-7 government money market fund, mainly investing in cash, short-term US Treasury bonds, repurchase agreements, and other cash equivalents. Its objective is to achieve principal preservation, daily liquidity, and a stable $1 share net asset value. The product has received initial investment support from State Street Bank and Anchorage Digital, and is designed to comply with regulatory requirements under the GENIUS Act. State Street Bank has also launched the on-chain liquidity product SWEEP for stablecoin scenarios and unveiled its digital asset platform DAP.