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Bank of New York Mellon launches money market fund designed specifically for stablecoin issuers.

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[New York Mellon Bank Launches Money Market Fund Designed for Stablecoin Issuers] According to American media reports, New York Mellon Bank is launching a money market fund tailor-made for stablecoin issuers, who need to comply with the recently signed U.S. stablecoin legislation. The bank's BSRXX is one of the first funds specifically designed for stablecoin providers, aiming to provide them with an investment venue where they can deposit the funds received from issuing new tokens, while adhering to the “GENIUS Act,” which was signed into law earlier this year by Trump. The law requires U.S. dollar-backed digital token issuers to invest their reserves in ultra-safe investments with shorter durations than traditional money market funds. Stephanie Pierce, Deputy Head of New York Mellon Investment Company, stated that the new fund is designed to meet the law's requirements by holding only securities with maturities of 93 days or less.

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