BNY Mellon launches money market fund designed specifically for stablecoins

According to Foresight News, Bank of New York Mellon is launching a money market fund specifically tailored for stablecoin issuers, in line with the recently signed U.S. stablecoin law. The bank’s BSRXX is one of the first funds designed specifically for stablecoin providers to provide them with a place to invest in compliance with the requirements of the GENIUS Act. The law requires issuers of dollar-backed digital tokens to put their reserves into ultra-safe investments with shorter durations than traditional money market funds. 

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