ProShares stablecoin ETF sees $17B in volume on first day

ProShares' dedicated money market ETF for U.S. stablecoin issuers, IQMM, recorded $17 billion in trading volume on its first day, The Block reported. The ETF is the first financial product to meet the reserve requirements of the U.S. stablecoin regulation act, GENIUS, which took effect last July. For comparison, BlackRock's IBIT recorded $1 billion in first-day trading volume upon its launch in January 2024.