The Bank of New York Mellon Corp. has launched the BNY Dreyfus Stablecoin Reserves Fund to help stablecoin issuers comply with the new GENIUS Act, which mandates that dollar-backed digital tokens hold reserves in ultra-safe, short-duration assets. Anchorage Digital has made an initial investment, as part of a broader partnership with Tether to develop a compliant U.S. token. The stablecoin market has grown 68.5% year-on-year to $305bn and could reach as much as $4tn, according to Citi.
Bank of New York Mellon launches stablecoin fund
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