Key takeaways
- State Street launched the SSCXX money market fund on June 8, 2026, with $121 million in anticipated assets under management and a yield of 3.51%.
- The GENIUS Act, signed in July 2025, created the Federal Reserve framework that made this product category possible for stablecoin issuers.
- Anchorage Digital joined as a seed investor, combining its federally chartered crypto bank infrastructure with State Street’s treasury management platform.
Fund Basics
State Street Stable coin Reserves Money Market Fund operates under SEC Rule 2a-7 and only holds eligible assets under the GENIUS Act: short-term U.S. Treasury bonds maturing in 93 days or less, call-ahead repurchase agreements secured by such Treasury bonds, and cash. It targets a stable NAV of $1.00 and currently has a weighted average maturity of 3 days, well below the regulatory maximum of 60 days.
According to the financial giant’s press release, the fund was launched with approximately $121 million in assets under management. It earns around 3.51% and charges a net expense ratio of 0.18% on Capital Class (ticker: SSCXX). The minimum investment for this share class is $15 million.
Why does it exist
The GENIUS Act, signed into law in July 2025, established the first comprehensive federal payment framework stable coins in the United States. It requires issuers to guarantee outstanding amounts stable coins one-to-one with high-quality liquid assets and explicitly allows money market funds registered under the 1940 Act to serve as eligible reserve vehicles.
This regulatory clarity has allowed companies like State Street to design products specifically designed to stable coin issuers, who need safe, liquid and compliant reserve assets.
Market context
THE stable coin The total market capitalization is between $300 billion and $315 billion as of mid-June 2026. Of this figure, Tether holds approximately $186 billion to $188 billion, while USDC accounts for approximately $75 billion. Together, the two dominate around 85-90% of the market.
Citi Institute projections place the world stable coin issuance of between $1.9 and $4 trillion by 2030, a figure cited by State Street in its launch announcement.
Key partnerships
State Street Bank and Trust Company and Anchorage Digital serve as seed investors. Anchorage Digital has the first federally chartered system crypto US banking license and offers stable coin issuance, custody and settlement infrastructures to institutions.
” Stablecoins are quickly becoming core financial infrastructure, making the quality and management of their reserves critically important,” said Nathan McCauley, co-founder and CEO of Anchorage Digital.
Yie-Hsin Hung, president and CEO of State Street Investment Management, highlighted that the company’s four decades of experience in cash management form the basis of the product. “We are excited to partner with Anchorage Digital to bring these capabilities to the digital assets space,” added Hung.
Competitive position
State Street enters behind Blackrock, which launched the Circle Treasury Reserves fund in partnership with Circle, and Goldman Sachs and BNY, which also launched GENIUS Act-aligned reserve vehicles earlier in 2026. BNY’s fund, the Dreyfus Stable coin Reserves Fund, has positioned itself on operational simplicity and institutional familiarity.
The fund connects to State Street’s broader digital assets strategy, which also includes State Street Galaxy Onchain. Liquidity Sweep Fund (SWEEP), a tokenized cash management product that operates 24 hours a day via stable coin rails.
Risks to watch out for
The fund’s assets are expected to evolve with stable coin minting and redemption cycles. A depeg event or period of rapid stable coin redemptions could trigger significant capital outflows and force the fund to sell assets at unfavorable prices. The fund has no FDIC insurance and no State Street guarantee against loss of principal.
The restricted investment universe, limited to short-cut Treasuries and GENIUS-eligible repos, may also compress returns relative to those of government funds or prime money market funds.
