Morgan Stanley has launched a dedicated government money market fund targeting demand from stablecoin issuers for reserves. CoinDesk reported on Thursday that Morgan Stanley Investment Management (MSIM), the asset management arm of Morgan Stanley, launched the Stablecoin Reserve Portfolio.

The product is designed to allow issuers of fiat-linked stablecoins, such as those pegged to the dollar, to store reserves.

Stablecoin issuers must hold real dollars or equivalent assets as reserves in line with the number of tokens issued, and Morgan Stanley is targeting this market.

The fund’s ticker is MSNXX. Its investments are limited to U.S. short-term Treasuries and repurchase agreements. The fund targets maintaining a net asset value of $1, and investors can withdraw funds on each business day without a waiting period or penalty.

Fred McMullen (프레드 맥멀런), co-head of global liquidity at Morgan Stanley Investment Management, said the Stablecoin Reserve Portfolio is a new investment solution tailored to demand from stablecoin issuers.

The stablecoin market has grown to $316 billion. Dollar-linked tokens such as Tether’s USDT and Circle’s USDC account for most of the stablecoin market.

Morgan Stanley has also recently expanded products related to digital assets. It launched the Morgan Stanley Bitcoin Trust (MSBT). BNY Mellon provides custody and fund administration services for MSBT.