Fidelity Launches FYMXX Stablecoin Reserve Fund With 0.25% Fee on June 15

Fidelity launched FYMXX, a stablecoin reserve fund compliant with the GENIUS Act, on June 15 with a 0.25% management fee. The fund invests in U.S. Treasury bills, overnight repurchase agreements, and other government money market assets permitted for stablecoin issuers. Fidelity joins State Street and BlackRock in competing for stablecoin reserve management as the market expands to over $315 billion. The fund maintains a $1 per share net asset value and targets institutional investors, including stablecoin issuers seeking regulated, liquid holdings for customer reserve backing.
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