Circle · Federal Reserve (FED) · U.S. · 99Bitcoins
Here’s How Fidelity Funds Are Getting Ahead of GENIUS Act
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Fidelity Investments launched the Fidelity Reserves Digital Fund (FYM) on June 15, a government money market fund built specifically to hold stablecoin reserves under the GENIUS Act, joining a growing queue of traditional finance giants racing to own the plumbing of the regulated stablecoin economy.
Key facts
- The fund targets a $1.00 net asset value (NAV), carries a management fee of 0.25%, and requires a $1M minimum investment from institutional investors, though Fidelity reserves the right to waive
- 4/ Fidelity's Reserves Digital Fund (FYM) came to market on 18 June
- Fidelity Investments launched the Fidelity Reserves Digital Fund (FYM) on June 15, a government money market fund built specifically to hold stablecoin reserves under the GENIUS Act, joining
- The Fidelity Reserves Digital Fund launched on June 15 and invests only in reserve assets permitted under the GENIUS Act… pic.twitter.com/DQEgW6AthV
Summary
Currently, the total stablecoin market cap sits at over $315Bn, according to DefiLlama data. Circle’s USDC stablecoin is the second-largest of its kind, with a near-$75Bn market cap, making it the fifth-largest digital asset by market cap, per CoinGecko data. Fidelity has launched a new money market fund designed specifically for stablecoin issuers. The Fidelity Reserves Digital Fund launched on June 15 and invests only in reserve assets permitted under the GENIUS Act… pic.twitter.com/DQEgW6AthV.