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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

Citi launches blockchain marketplace for private company shares

Citigroup is launching a blockchain-based marketplace for trading shares in unlisted companies. The platform, aimed at institutional investors and high net worth individuals seeking pre-IPO exposure, will use tokenised depositary receipts issued by Citi to represent ownership stakes. The service will be offered first to non-U.S. investors, with U.S. investors able to use it later. Citi said the structure could be more transparent than special purpose vehicles.

Crypto

Banks move as stablecoins grow in battle to defend digital dollars

U.S. financial firms are preparing a joint payments infrastructure that would let bank deposits be transferred directly on blockchains, as stablecoins expand. The Clearing House is pushing a system for 24-hour clearing and settlement of tokenised deposits, linking blockchain transactions to existing fiat networks such as RTP and CHIPS. The push is supported by regulatory distinctions between stablecoins and tokenised deposits, while banks focus on preventing deposit outflows.