Fidelity to launch money market fund for stablecoin reserves

Fidelity is set to launch the Fidelity Reserves Digital Fund, a money market fund (MMF) designed to manage the reserves of stablecoin issuers, today, June 18. According to CoinDesk, the fund is structured to meet the regulatory requirements of the ENIUS bill. The launch follows a similar move by State Street, which recently introduced its State Street Stablecoin Reserve Money Market Fund (SSCXX). The outlet noted that traditional financial firms are competing with increasing intensity for the stablecoin market, which has the potential to grow to a multi-trillion dollar scale.