ProShares’ stablecoin-ready ETF posts ‘insane’ $17B trading debut
ProShares' GENIUS Money Market ETF (IQMM) shattered records with an "insane" $17 billion in first-day trading volume, far surpassing the debut of major Bitcoin ETFs. The fund, designed to hold assets compliant with the proposed U.S. stablecoin (GENIUS Act) regulations, is intended for use as reserves by stablecoin issuers. While speculation suggested a major issuer like Circle could be behind the volume, it was clarified the initial funding came from internal ProShares funds for cash management. Separately, the stablecoin sector received a significant regulatory boost as the SEC reduced its capital "haircut" on stablecoin holdings from 100% to 2%, a move hailed by Circle's CEO as a major win that will foster greater adoption in capital markets.
ambcrypto02/21 14:01
