Coinbase · The Block
Coinbase investing into stablecoin reserves ETF issued by ProShares
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
Top U.S. cryptocurrency exchange Coinbase said Tuesday it is investing in ProShares' stablecoin reserves ETF.
Key facts
- The fund, called the GENIUS Money Market ETF, has $22 billion in assets under management and is structured to hold assets that meet the legal reserve requirements for dollar-backed stablecoins
- Launched in February, ProShares' IQMM fund generated $17 billion in trading on its first day
- The stablecoin legislation passed last year will not officially take effect until, at the earliest, near the beginning of 2027
- Top U.S. cryptocurrency exchange Coinbase said Tuesday it is investing in ProShares' stablecoin reserves ETF
Summary
The fund, called the GENIUS Money Market ETF, has $22 billion in assets under management and is structured to hold assets that meet the legal reserve requirements for dollar-backed stablecoins in the U.S. "In addition to offering a full-stack stablecoin payments solution, Coinbase is supporting tools that can help stablecoins scale responsibly," the exchange said. ProShares' stablecoin reserve ETF, ticker IQMM, "is built around a simple idea: as stablecoins scale, issuers need reserve tools built for this market, not repurposed for traditional cash management," Coinbase added. Coinbase did not disclose the amount of money it is investing in the fund.