Franklin Templeton converts MMFs into dedicated stablecoin reserve funds

Global asset manager Franklin Templeton has restructured two of its institutional money market funds (MMFs), LUIXX and DIGXX, into funds dedicated to stablecoin reserves, Cointelegraph reported. The two funds, which will maintain their status as MMFs registered with the U.S. Securities and Exchange Commission (SEC), have been adjusted to comply with a stablecoin regulation bill known as the GENIUS Act. They are now specifically designed for direct use within the reserve structures required for stablecoin issuance and through blockchain-based distribution channels.