Fidelity Launches Reserves Digital Fund for Stablecoin Issuers on June 15

According to The Block, Fidelity Investments launched its Reserves Digital Fund (FYMXX) on June 15 to serve stablecoin issuers. The fund, designed to hold stablecoin reserve assets in compliance with the GENIUS Act, requires a minimum initial investment of $1 million and charges a management fee of 0.25%, with a target net asset value of $1.00 per share.

The stablecoin market has grown significantly, reaching $315 billion in total capitalization as of today, with Tether's USDT commanding 59% of the market. Fidelity's launch follows State Street's GENIUS-compliant stablecoin reserves fund introduced earlier this week, and similar offerings from BNY Mellon, Goldman Sachs, and BlackRock launched in 2025.