PANews, June 16: According to The Block, traditional financial giant State Street has launched the "State Street Stablecoin Reserves Money Market Fund" (Ticker: SSCXX), a government money market fund designed specifically for stablecoin issuers to hold their reserve assets. The fund is a Rule 2a-7 government money market fund that invests solely in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, with the objective of preserving principal, providing daily liquidity, and maintaining a $1 net asset value.
State Street Launches Government Money Market Fund for Stablecoin Reserves
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Summary
According to PANews, State Street has launched the 'State Street Stablecoin Reserves Money Market Fund' (SSCXX) to support stablecoin regulatory compliance. The fund invests in cash, U.S. Treasuries, and repurchase agreements to provide daily liquidity and a stable $1 net asset value. Anti-Money Laundering (AML) measures are integrated into its structure. State Street’s initiative is designed to assist stablecoin issuers in managing reserves within a Rule 2a-7 compliant framework.
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