Fidelity launches fund for stablecoin issuers
Fidelity Investments has launched the Fidelity Reserves Digital Fund (FYMXX) — a money market fund for stablecoin issuers and institutional investors. It will invest only in assets that are permitted for the reserves of payment "stablecoins" under the GENIUS Act, The Block reports.
According to the prospectus, the fund may invest in short-term U.S. Treasury securities with maturities of up to 93 days, cash, overnight repos backed by US Treasuries, and other government money market funds.
Source: ForkLog
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