Fidelity Investments has introduced the Fidelity Reserves Digital Fund, a money market fund designed to manage reserves for stablecoin issuers and institutional investors, complying with the new GENIUS Act. This move follows State Street's similar product launch, highlighting growing competition among traditional asset managers in the expanding stablecoin market, which could reach trillions by 2030. The GENIUS Act mandates stablecoin issuers to hold reserves in cash, short-term U.S. Treasuries, and qualifying government money market funds, creating demand for regulated investment vehicles. Fidelity's fund will invest in short-term U.S. Treasury securities, cash, and government-backed money market funds, aiming to provide compliant and yield-generating options for stablecoin reserve management.
Pyth Network is shifting focus from decentralized finance to institutional financial data, launching products like the Pyth Data Marketplace and Pyth Pro subscription service. This expansion includes partnerships with firms such as Fidelity and Euron...
Pyth Network has introduced 24/7 index products covering metals, oil, and U.S. equities, adopted by major platforms like Coinbase and Kraken. This move targets the $50 billion market data industry traditionally dominated by Bloomberg, by offering onc...
