Coinbase · U.S. Treasury · CLARITY Act · Cointelegraph
Launched in February, IQMM invests exclusively in short-term US Treasury securities and cash-equivalent instruments
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Coinbase said the investment aligns with its growing stablecoin business and cash-management operations.
Key facts
- In May, White House crypto adviser Patrick Witt said administration officials were targeting the period around the July 4 Independence Day holiday to advance crypto market-structure legislation
- Launched in February, IQMM invests exclusively in short-term US Treasury securities and cash-equivalent instruments with maturities of 93 days or less
- Coinbase (COIN) announced Tuesday that it made an undisclosed investment in the ProShares GENIUS Money Market ETF (IQMM), which is designed to hold assets that qualify as reserves for payment
- The passage of the GENIUS Act in June 2025 marked a major milestone in US stablecoin regulation, but lawmakers are still debating broader reforms to crypto market structure
Summary
The exchange has invested an undisclosed amount in ProShares’ Treasury-focused ETF built for the post-GENIUS era as lawmakers debate whether stablecoin issuers can offer yield-bearing products. Crypto exchange Coinbase has invested in ProShares' stablecoin-focused money market fund, betting that demand for stablecoin reserve-management products will grow as the recently enacted GENIUS Act formalizes the types of assets that can back US dollar-pegged tokens. Coinbase (COIN) announced Tuesday that it made an undisclosed investment in the ProShares GENIUS Money Market ETF (IQMM), which is designed to hold assets that qualify as reserves for payment stablecoins under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. The GENIUS Act requires stablecoin issuers to back their tokens with highly liquid assets, including cash, bank deposits and short-term US Treasury securities. Launched in February, IQMM invests exclusively in short-term US Treasury securities and cash-equivalent instruments with maturities of 93 days or less.