Fidelity joins Wall Street's race to manage stablecoin reserves (opens original article in a new tab)

Fidelity Investments launches a money market fund to manage stablecoin reserves under the new GENIUS Act, joining competitors like State Street in a growing market for stablecoin reserve management.

• Fidelity Investments launches Fidelity Reserves Digital Fund to manage stablecoin reserves under the GENIUS Act
• The GENIUS Act requires payment stablecoin issuers to hold reserves in cash, short-term U.S. Treasuries, and qualifying government money market funds
• Traditional asset managers like Fidelity and State Street are competing for a growing market that could reach trillions of dollars with increased stablecoin adoption
• Stablecoins have a $320 billion market and could expand to $1.9 trillion to $4 trillion by 2030 as institutional adoption increases