Major Bank BNY Mellon Launches MMF for Stablecoin Reserves

On the 13th, major bank BNY Mellon launched a money market fund (MMF) designed for U.S. stablecoin issuers to hold their reserves. The 'BNY Dreyfus Stablecoin Reserve Fund (BSRXX)' aims to support stablecoin issuers by providing a regulated MMF as eligible reserves. The fund invests in U.S. Treasury securities, short-term government bonds, and cash-backed overnight repurchase agreements, pursuing an investment objective of maintaining a stable share price of one dollar. Currently, the maturity of the U.S. Treasury securities in which the fund invests is within 93 days...