TechFlow news, November 13 — According to U.S. media reports, BNY Mellon is launching a money market fund specifically tailored for stablecoin issuers that must comply with the recently enacted U.S. stablecoin legislation. BSRXX is among the first funds designed specifically for stablecoin providers, offering them a vehicle to invest funds received when issuing new tokens, while adhering to the GENIUS Act signed into law by Trump earlier this year. The law requires dollar-backed digital token issuers to allocate their reserves into ultra-safe investments with shorter durations than traditional money market funds. Stephanie Pierce, deputy head of BNY Mellon Investment Advisers, said the new fund is structured to meet the law’s requirements by holding only securities with maturities of 93 days or less. (Jinshi)
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