According to The Block, ProShares’ GENIUS Money Market ETF (ticker: IQMM) achieved a historic trading volume of $17 billion on its first trading day, far surpassing BlackRock’s Bitcoin ETF (IBIT), which recorded $1 billion in first-day volume when launched in January 2024. The ETF is designed to hold assets that meet the U.S. legal reserve requirements for stablecoins and fully complies with the GENIUS Act, signed in July last year, which mandates that stablecoin issuers back their tokens on a 1:1 basis with secure, highly liquid assets such as U.S. Treasuries. Analysts speculate that the majority of the funds likely originated from stablecoin issuer Circle.
ProShares Stablecoin Reserve ETF Reaches $17 Billion in First-Day Trading Volume
TechFlowShare
Summary
ProShares' Stablecoin Reserve ETF (IQMM) reached $17 billion in trading volume on its first day, significantly surpassing BlackRock’s Bitcoin ETF debut. The fund holds assets compliant with U.S. stablecoin reserve requirements under the GENIUS Act. ETF inflows surged following its launch in July 2024. Analysts suggest Circle may have been a major contributor to the inflows.
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