BNY Mellon launches a money market fund designed specifically for stablecoins

According to Jin10, Bank of New York Mellon is launching a money market fund specifically tailored for stablecoin issuers, in compliance with the recently signed U.S. stablecoin legislation. The bank's BSRXX is one of the first funds designed for stablecoin providers, aimed at providing them with an investment venue that meets the requirements of the GENIUS Act. This law stipulates that issuers of dollar-backed digital tokens must invest their reserves in ultra-safe investments with a duration shorter than that of traditional money market funds.