State Street Launches Stablecoin Reserve Money Market Fund

State Street has introduced the Stablecoin Reserves Money Market Fund (SSCXX), a registered investment vehicle holding cash and short-term U.S. Treasuries with maturities under 93 days. The fund, which includes overnight repurchase agreements backed by Treasuries, debuts with $121 million in assets under management and a 3.51% yield. Anchorage Digital, the sole federally chartered crypto bank in the U.S., serves as its first external backer.

The fund maintains a stable $1.00 net asset value and adheres to strict regulatory caps, limiting access to issuers under the GENIUS Act. However, it lacks FDIC insurance and principal guarantees, potentially compressing yields compared to traditional money market alternatives. This move follows State Street's recent tokenized liquidity product, SWEEP, signaling deepening institutional involvement in digital asset infrastructure.