The asset manager joins BlackRock, Franklin Templeton and others competing to manage reserves backing the growing stablecoin market. State Street has introduced a government money market fund tailored for stablecoin issuers, aiming to manage the reserves that back digital dollars under the GENIUS Act framework. The move intensifies competition among major asset managers such as BlackRock, Franklin Templeton, Fidelity and JPMorgan to oversee the Treasury bills, cash and money market funds that s…
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