Fidelity enters the stablecoin reserve management market, competing with Wall Street institutions for a trillion-dollar arena
According to CoinDesk, Fidelity Investments has officially launched the "Fidelity Reserves Digital Fund," which aims to provide reserve asset management services for stablecoin issuers and institutional investors, further tapping into the capital management needs brought about by the rapid expansion of stablecoins. The fund will primarily invest in highly liquid assets such as short-term U.S. Treasury securities, cash, and repurchase agreements to meet the regulatory requirements for reserve assets of payment stablecoins under the U.S. GENIUS Act.
At the same time, State Street has also recently launched a similar product, marking that large asset management institutions on Wall Street are accelerating their entry into the stablecoin reserve management market, competing around the cash and Treasury asset backing stablecoins.
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