State Street targets stablecoin reserve boom with new money market fund
CoinDesk·
60-second summary
State Street is launching a money market fund to manage reserves backing the growing stablecoin market, joining BlackRock, Franklin Templeton, and others in the competition. The fund will cater to institutional investors seeking stablecoin exposure, potentially fueling the expansion of stablecoins, which have seen significant growth in recent years, reaching over $150 billion in market capitalization.
The asset manager joins BlackRock, Franklin Templeton and others competing to manage reserves backing the growing stablecoin market.