Wall Street · The Block
Fidelity ships GENIUS-aligned money market fund for stablecoin issuers
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Fidelity Investments launched a new government money market fund designed to serve as a vehicle for stablecoin issuers.
Key facts
- The fund has a minimum initial investment of $1 million, which may be waived or lowered at the fund’s discretion
- The fund seeks to maintain a stable net asset value of $1.00 per share
- The Fidelity Reserves Digital Fund (FYM) aims to deliver maximum current income while preserving capital and maintaining liquidity, according to the fund's prospectus
- Earlier this week, State Street launched its GENIUS-aligned stablecoin reserves money market fund
Summary
The Fidelity Reserves Digital Fund (FYM) aims to deliver maximum current income while preserving capital and maintaining liquidity, according to the fund's prospectus. "Fund shares are expected to be held primarily by one or more stablecoin issuers as all or a portion of the reserve assets that back the stablecoins issued to their customers," the prospectus said. Fidelity's new fund invests exclusively in eligible reserve assets permitted for stablecoin issuers under the GENIUS Act. The fund has a minimum initial investment of $1 million, which may be waived or lowered at the fund’s discretion.