TechFlow News: On February 21, according to The Block, ProShares’ GENIUS Money Market ETF (ticker: IQMM) recorded a record-breaking $17 billion in trading volume on its first trading day—far exceeding the $1 billion achieved by BlackRock’s Bitcoin ETF (IBIT) on its debut in January 2024. Designed exclusively to hold assets that comply with U.S. regulatory reserve requirements for stablecoins, this ETF fully aligns with the GENIUS Act, signed into law last July. The Act mandates that stablecoin issuers maintain 1:1 reserves backed by safe, highly liquid assets such as U.S. Treasury securities. Analysts speculate that much of the inflow may originate from stablecoin issuer Circle.
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