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Crypto

State Street launches money market fund for stablecoin issuers\' reserves

State Street has launched a money market fund for stablecoin issuers to manage reserve assets. The product is designed to align with the U.S. GENIUS Act and uses a government money market fund structure under Rule 2a-7, investing in assets such as U.S. Treasuries and repurchase agreements. State Street Bank and federally chartered crypto bank Anchorage Digital joined as initial investors. Financial firms are speeding product development as the stablecoin market expands.

Crypto

Anchorage Digital joins Ethena Labs as collateral manager for institutional lending

Crypto custody firm Anchorage Digital is working with Ethena Labs to act as a collateral manager for institutional lending. Through its Atlas Collateral Management platform, Anchorage will custody and manage collateral for Ethena’s institutional lending activity, allowing institutions to borrow from Ethena without fully transferring collateral on-chain. Atlas monitors collateral and borrowing limits in real time and automates margin processes. Anchorage Digital Bank also participates as issuer of Ethena’s institutional stablecoin USDtb.

Crypto

Morpho raises $175 million for on-chain lending protocol

On-chain lending protocol Morpho raised $175 million in a funding round co-led by Paradigm, a16z Crypto and Ribbit Capital, The Block reported. Apollo Fund, Circle Ventures, VanEck, Ledger Cathay, Wintermute Ventures, SBI Group and France\'s state investment bank also participated. The investment was structured as token purchases. Morpho said it offers a blockchain-based lending market where users can create lending pools by setting their own risk parameters.