State Street launches SSCXX money market fund for stablecoin reserves

State Street Investment Management has expanded its push into tokenized cash infrastructure with the launch of the State Street Stablecoin Reserves Money Market Fund, or SSCXX, a registered vehicle for stablecoin issuers operating under the GENIUS Act’s reserve requirements. The fund invests in direct cash holdings, U.S. Treasuries maturing within 93 days and overnight repurchase agreements backed by those Treasuries. SSCXX launched with about $121 million in assets under management, a 3.51% yield and a 0.18% net expense ratio on its Capital Class, which carries a $15 million minimum investment. The fund targets a stable $1.00 net asset value and had a three-day weighted average maturity at launch. Anchorage Digital is the first external backer, while State Street Bank and Trust Company is also listed among the financial facilitators. The product arrives after the GENIUS Act, signed into law in July 2025, created the first U.S. federal framework for stablecoin issuers and explicitly allowed registered 1940 Act money market funds to serve as reserve vehicles. State Street said the launch follows its recent debut of SWEEP, a tokenized liquidity product built with Galaxy Digital, as large asset managers and banks compete for a growing pool of stablecoin reserve assets. That competitive field has widened further with Fidelity Investments launching Fidelity Reserves Digital Fund on Thursday, a money market fund for stablecoin issuers and institutional investors that will invest in U.S. Treasuries maturing in 93 days or less, cash, Treasury-backed overnight repos and other compliant government money market funds.