BlackRock's long head start
BlackRock has run the original product in this category since November 2022, according to Crane Data, a money market fund industry tracker. Its Circle Reserve Fund (USDXX) holds reserves exclusively for Circle's USDC stablecoin and grew to $12.8bn in assets by the end of that year.
The fund predates the GENIUS Act by nearly three years and is registered as a standard government money market fund. It was disclosed at inception but neither BlackRock nor Circle has promoted it since.
Press releases, silence
BNY followed in November 2025 with its Dreyfus Stablecoin Reserves Fund (BSRXX), accompanied by a press release citing Stephanie Pierce, deputy head of BNY Investments, and Nathan McCauley, chief executive of Anchorage Digital. Anchorage, the first federally chartered crypto bank in the US, provided the seed investment, a structure later mirrored by State Street and JPMorgan. Goldman Sachs Asset Management's Stablecoin Reserves Fund (STBXX) became effective in March. Goldman did not issue a corresponding press release.
Morgan Stanley Investment Management introduced its Stablecoin Reserves Portfolio (MSNXX) in April with a release citing Fred McMullen, co-head of global liquidity. Federated Hermes followed on 9 Jun with the Money Market Management Digital Treasury Fund (OFFXX), citing Paul Uhlman, the chief executive of the Federated Advisory Companies.
State Street Investment Management debuted its Stablecoin Reserves Money Market Fund (SSCXX) on 16 Jun with $121mn in seed funding from State Street Bank and Anchorage Digital, citing Yie-Hsin Hung, chief executive of State Street Investment Management, and McCauley.
Fidelity without a release
Fidelity's Reserves Digital Fund (FYMXX) came to market on 18 June. A Fidelity spokesperson confirmed to Sandmark that the firm did not issue a press release. SEC filings show the prospectus became effective on 12 June and that all FYMXX shares at offering are held by Fidelity and its affiliates, with no external seed investor disclosed.
All these funds invest in the same narrow set of assets: cash, US Treasuries maturing within 93 days and overnight repurchase agreements collateralized by Treasuries. Expense ratios cluster between 0.16% and 0.18% after waivers.
JPMorgan's different framing
JPMorgan Asset Management complicates the picture. Its JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) came to market on 13 May with a $100mn seed investment from JPMorgan and additional participation from Anchorage Digital.
The fund holds the same GENIUS Act-eligible assets as the other products and can serve the same stablecoin reserve function. JPMorgan's own announcement did not emphasize that aspect, positioning JLTXX as its second tokenized money market fund on Ethereum.
These funds vary less in structure than in how they have been brought to market. Earlier entrants, namely BlackRock, BNY and Goldman, built the product when stablecoin reserves were a small institutional niche. Later entrants are pitching the same product to the same niche, but with press releases.
Pete Crane, president of Crane Data, has described the category as "the easiest way for money market funds to get a sheen of stablecoin without too much heavy lifting."
