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02/22 17:26

ProShares' stablecoin-ready ETF sees $17 billion d

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ProShares' stablecoin-ready ETF sees $17 billion debut, sparking speculation about Circle ProShares’ new ETF built for the fast-growing, $300 billion world of stablecoins had a massive launch, fueling speculation that one major stablecoin issuer may be involved. The fund, called the ProShares GENIUS Money Market ETF (IQMM), is designed to hold short-term U.S. Treasuries and meet the reserve requirements laid out in the GENIUS Act, a federal law regulating stablecoin issuers in the U.S. It’s the first ETF structured specifically to fit those rules, and that positioning may have caught the attention of some of the largest players in crypto. The ETF logged a whopping $17 billion in trading volume on its first day, suggesting that some large players were allocating to the fund. For context, BlackRock’s spot bitcoin ETF — one of the most anticipated launches in many years— saw $1 billion in first-day volume. Circle moving funds or internal shuffle? The massive volume has left analysts speculating about the source of the inflows. Nate Geraci, president of The ETF Store, said in an X post that the heavy flows might signal a deal with a major U.S.-based stablecoin issuer. "Looking at assets, believe that would only leave Circle," he said, referring to the company behind the $74 billion $USDC token.

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