The U.S.-based cryptocurrency exchange said it’s investing in ProShares’ GENIUS Money Market ETF, “the first money market ETF to meet the stringent requirements of the GENIUS Act,” according to the issuer.
Coinbase didn’t disclose the amount it is investing in the fund that has about $22 billion in assets under management.
Top U.S. cryptocurrency exchange Coinbase said Tuesday it is investing in ProShares' stablecoin reserves ETF.
The fund, called the GENIUS Money Market ETF, has $22 billion in assets under management and is structured to hold assets that meet the legal reserve requirements for dollar-backed stablecoins in the U.S.
"In addition to offering a full-stack stablecoin payments solution, Coinbase is supporting tools that can help stablecoins scale responsibly," the exchange said. The crypto platform is closely associated with Circle's USDC stablecoin.
ProShares' stablecoin reserve ETF, ticker IQMM, "is built around a simple idea: as stablecoins scale, issuers need reserve tools built for this market, not repurposed for traditional cash management," Coinbase added.
The U.S.-based cryptocurrency exchange said it’s investing in ProShares’ GENIUS Money Market ETF, “the first money market ETF to meet the stringent requirements of the GENIUS Act,” according to the issuer.
Coinbase didn’t disclose the amount it is investing in the fund that has about $22 billion in assets under management.
Top U.S. cryptocurrency exchange Coinbase said Tuesday it is investing in ProShares' stablecoin reserves ETF.
The fund, called the GENIUS Money Market ETF, has $22 billion in assets under management and is structured to hold assets that meet the legal reserve requirements for dollar-backed stablecoins in the U.S.
"In addition to offering a full-stack stablecoin payments solution, Coinbase is supporting tools that can help stablecoins scale responsibly," the exchange said. The crypto platform is closely associated with Circle's USDC stablecoin.
ProShares' stablecoin reserve ETF, ticker IQMM, "is built around a simple idea: as stablecoins scale, issuers need reserve tools built for this market, not repurposed for traditional cash management," Coinbase added.
The GENIUS Act, passed into law last year, was considered landmark legislation as it laid the regulatory groundwork for issuing stablecoins in the U.S. The bill requires that stablecoin issuers hold highly liquid assets, like Treasurys or cash, to back the crypto tokens 1 for 1.
Launched in February, ProShares' IQMM fund generated $17 billion in trading on its first day.
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