State Street launches SSCXX, a money market fund for stablecoin reserves, as asset managers compete for a growing reserve market.
Stablecoin News
Wall Street asset managers are competing to oversee the reserves backing the growing stablecoin market, and State Street Investment Management has now entered the race directly. The firm introduced the State Street Stablecoin Reserves Money Market Fund, ticker SSCXX, on June 16. The product was built specifically for stablecoin issuers and was designed to meet the requirements of the GENIUS Act, the US stablecoin regulatory framework passed in July 2025.
SSCXX is structured as a Rule 2a-7 government money market fund. Investments are limited to cash, short-term US Treasuries, repo agreements, and other cash equivalents. The fund is designed to maintain a stable $1 share price while offering daily liquidity and generating some yield. State Street Bank and Trust Company and Anchorage Digital are the fund's initial investors. Anchorage Digital holds a federal banking charter in the US and has been expanding its stablecoin-related services.
"For more than 40 years, the cash management business of State Street Investment Management has delivered liquidity solutions to the world's largest and most sophisticated institutional investors," said State Street CEO Yie-Hsin Hung. "With the GENIUS Act, a clear framework has been established for how stablecoin reserves can be invested."
A Growing Pool of Reserve Assets
Stablecoin reserves are typically held in Treasury bills, cash, and money market funds. As stablecoin issuance grows, so does the pool of assets available for fund managers to oversee. State Street cited projections estimating global stablecoin issuance could reach between $1.9 trillion and $4 trillion by 2030. Tether and Circle, the two largest stablecoin issuers, collectively hold tens of billions of dollars in Treasury-related assets. BlackRock already manages a large portion of the Treasury portfolio backing Circle's $75 billion USDC stablecoin.
Franklin Templeton, Fidelity, and JPMorgan have each expanded their tokenized cash and digital asset offerings over the past year. The entry of State Street adds another major institutional name to a segment that is drawing increasing attention from traditional finance firms.
State Street's Digital Asset Footprint
SSCXX follows SWEEP, a tokenized on-chain liquidity fund State Street developed with Galaxy Digital. SWEEP allows stablecoin holders to move assets into a cash-equivalent product directly on-chain. The firm also launched its Digital Asset Platform in January 2026 to support token lifecycle management. A separate partnership with Taurus covers digital custody, tokenization, and node management.
Anchorage Digital's role in SSCXX builds on its existing stablecoin activity. The firm issues Tether's GENIUS-compliant token USAT and has produced branded stablecoins for Western Union, Falcon Finance, and OSL Group.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
