Fidelity don launch GENIUS Act reserve money market fund for stablecoin

Fidelity Investments don launch Fidelity Reserves Digital Fund on June 18 — na money market fund wey dem design make e fit GENIUS Act for stablecoin reserves. The fund dey target $1.00 NAV and e dey charge 0.18% net expense ratio. The Fidelity Reserves Digital Fund dey invest for short-term US Treasuries (maturities 93 days or less), plus cash, overnight Treasury-backed repos, and qualifying government money market funds. The structure follow GENIUS Act requirement make stablecoin reserves dey high-quality and liquid. The launch come after similar products from big Wall Street firms like State Street (this week), BlackRock, Goldman Sachs, and JPMorgan. Fidelity talk say na their fifth dedicated product for stablecoin reserve management. For crypto traders, direct price effect for crypto go likely be indirect. If GENIUS Act-driven reserves grow near the estimated ~$4T, demand for T-bills and overnight repos fit rise and fit push up short-end money market rates. For short term, traders suppose expect small positioning and pricing effects, and make dem watch liquidity concentration risk if reserve holdings concentrate for small number of money market funds.