State Street Investment Management Accelerates Digital and Tokenization Innovation with Launch of State Street Stablecoin Reserves Money Market Fund
New solution is among the first GENIUS Act-aligned government money market funds to support stablecoin issuance at scale
State Street Investment Management today announced the launch of the State Street Stablecoin Reserves Money Market Fund, a GENIUS Act-aligned registered Rule 2a-7 government money market fund designed specifically for the unique needs of stablecoin issuers. The Guiding and Establishing National Innovation for U.S. Stablecoins ("GENIUS") Act, passed into law by the United States Congress in July 2025, creates a clearer regulatory framework to utilize money market funds registered under the Investment Company Act of 1940 to back the issuance of stablecoins. The fund was designed and built to comply with the GENIUS Act.
State Street Bank and Trust Company, and Anchorage Digital, home to the first federally chartered crypto bank in the United States, are initial investors in the fund.
"For more than 40 years, the cash management business of State Street Investment Management has delivered liquidity solutions to the world's largest and most sophisticated institutional investors," said Yie-Hsin Hung, president and chief executive officer of State Street Investment Management. "With the GENIUS Act, a clear framework has been established for how stablecoin reserves can be invested. State Street Investment Management's time-tested approach to cash management focuses on principal preservation, liquidity and income, and we're excited to partner with Anchorage Digital to bring these capabilities to the digital assets space."
"Stablecoins are quickly becoming core financial infrastructure, making the quality and management of their reserves critically important," said Nathan McCauley, co-founder and chief executive officer of Anchorage Digital. "As the GENIUS Act establishes a clear regulatory framework, this fund brings together State Street Investment Management's decades of cash management expertise with Anchorage Digital's regulated stablecoin infrastructure to help advance a more resilient, institutional-grade foundation for stablecoin reserves."
The fund launches as the stablecoin market enters a new phase of growth, with global stablecoin issuance projected to reach between $1.9 trillion and $4 trillion by 2030 as institutional adoption accelerates.* This expansion is expected to drive an increase in stablecoin reserves backed by government money market fund assets, creating new opportunities for State Street's institutional liquidity management solutions to back the digital ecosystem.
The launch builds on the recent introduction of the State Street Galaxy Onchain Liquidity Sweep Fund (SWEEP), a tokenized liquidity solution enabling 24/7 onchain cash management via stablecoins, subject to the availability of stablecoin in the fund's portfolio, and advances State Street Investment Management's broader strategy of enabling seamless, institutional-grade participation in tokenized markets.
For more information about the State Street Stablecoin Reserves Money Market Fund, please visit: https://www.ssga.com/us/en/institutional/cash/state-street-stablecoin-reserves-money-market-fund-capital-class-sscxx.
*Citi Institute, Stablecoins 2030: Web3 to Wall Street, September 2025.
About State Street Investment Management
At State Street Investment Management, we have been helping create better outcomes for institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $5 trillion in assets managed*, clients in 60 countries, and a global network of strategic partners, we use our scale to deliver a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go. State Street Investment Management is the asset management arm of State Street Corporation (NYSE:STT).
*This figure is presented as of March 31, 2026 and includes ETF AUM of $1,940.32 billion USD of which approximately $184.18 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.
About Anchorage Digital
Anchorage Digital is a global crypto platform that enables institutions to participate in digital assets through trading, staking, custody, governance, settlement, stablecoin issuance, and the industry's leading security infrastructure. Home to Anchorage Digital Bank N.A., the first federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore, which is licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital. Anchorage Digital Bank also offers fiat custody services through the use of an FDIC-insured, licensed sub-custodian. Anchorage Digital is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with a valuation of $4.2 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn.
Important Risk Information
Risk of Loss. No guarantee or representation is made that the Fund's investment program will be successful. Investment results may vary substantially over time. No assurance can be made that profits will be achieved and there is the potential for substantial or complete loss of your investment.
Low Short-Term Interest Rates. During market conditions in which short-term interest rates are at low levels, the Fund's yield can be very low. During these conditions, it is possible that the Fund will generate an insufficient amount of income to pay its expenses, and that it may have a negative yield (i.e., it may lose money on an operating basis).
Focused Investment Risk. The Fund is expected to invest a large percentage of its assets in treasury securities, which may result in more risk or greater volatility in returns than if the Fund's investments were less focused.
U.S. Treasury Obligations Risk. U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.
Repurchase Agreement Risk. Repurchase agreements may be viewed as loans made by the Fund that are collateralized by the securities subject to repurchase. The Fund's investment return on such transactions will depend on the counterparty's willingness and ability to perform its obligations under a repurchase agreement. If the Fund's counterparty should default on its obligations and the Fund is delayed or prevented from recovering the collateral, or if the value of the collateral is insufficient, the Fund may realize a loss.
Money Market Fund Risk: You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.
The Fund may redeem investors that do not satisfy the eligibility requirements for retail money market fund investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the Adviser will be responsible for any loss in an investor's account or tax liability resulting from an involuntary redemption.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the fund.
Before investing, consider the fund's investment objectives, risks, charges and expenses. All statements are subject to the definitive offering documents of the fund, available from State Street Global Advisors Funds Distributors, LLC.
Not FDIC Insured - No Bank Guarantee - May Lose Value
State Street Global Advisors Fund Distributors, LLC, member FINRA, SIPC
State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment-management for more information.
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Exp. Date: 6/30/2027
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Media Contact:
Michael Kingsley
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