State Street Enters Stablecoin Reserve Management Market

State Street has joined the growing list of asset managers competing to oversee stablecoin reserves. The firm launched its State Street Stablecoin Reserves Money Market Fund, ticker SSCXX, on June 16. This product is designed for stablecoin issuers and meets the requirements of the GENIUS Act, a US regulatory framework passed in July 2025.

The fund, structured as a Rule 2a-7 government money market fund, invests in cash, short-term US Treasuries, repo agreements, and other cash equivalents. State Street aims to maintain a stable $1 share price while offering daily liquidity and generating some yield.

Anchorage Digital is an initial investor in SSCXX, holding a federal banking charter in the US and expanding its stablecoin-related services. State Street CEO Yie-Hsin Hung stated that the firm has delivered liquidity solutions to institutional investors for over 40 years, and the GENIUS Act provides a clear framework for investing stablecoin reserves.