Overview
- BNY launched the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a government money market fund that holds cash and Treasuries rather than stablecoins.
- The fund is designed to help permitted issuers satisfy Federal Reserve and GENIUS Act one-to-one reserve requirements.
- Access is limited to qualified institutional participants through BNY’s Liquidity Direct platform, including custodians, brokerages, and fiduciaries.
- Anchorage Digital supplied the initial investment, with CEO Nathan McCauley endorsing the fund as core infrastructure for compliant issuance.
- BNY cites projections of stablecoins growing toward roughly $1.5 trillion by 2030 and positions the fund for capital preservation and liquidity during stress, echoing models like BlackRock’s USDC reserve vehicle.