BNY (NYSE: BK) has launched the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a new money market fund announced on November 13. BSRXX is structured to operate within the incoming U.S. federal framework for stablecoin reserves and is expected to attract institutions navigating regulatory requirements around digital-asset liquidity.
The fund is structured to hold the assets for payment stablecoins issued under the Guiding and Establishing National Innovation for U.S. Stablecoins, or “GENIUS” Act.
While the product is not an investment in stablecoins, it allows qualified institutional investors, including stablecoin issuers and entities acting in custodial or fiduciary capacities, to use a regulated vehicle for their reserve holdings.
BNY Investments Dreyfus, the firm’s liquidity solutions provider, will manage the offering, which serves as the flagship product on BNY’s Liquidity Direct platform. The fund has secured an investment from Anchorage Digital, the nation’s first federally chartered crypto bank.
The financial base for this offering was laid earlier in 2025. The GENIUS Act, enacted in July, established a federal regulatory structure for U.S. dollar stablecoins and specified which kinds of assets are allowed to be used as reserves.
BNY’s new money market fund is one of the eligible reserve options specified under the regulation. This launch keeps BNY’s place as a digital asset leader. The firm provides fund administration services for a majority of tokenized fund assets worldwide and supports over 80% of digital asset exchange-traded products across the U.S., Canada, and EMEA regions.
The fund is designed for U.S. stablecoin issuers operating under the GENIUS Act, which requires a regulated reserve strategy and specifies eligible backing assets. BNY’s offering, as a government money market fund, provides a clear and compliant vehicle for these reserves.
“Cash is the cornerstone of the digital asset ecosystem, enabling global capital markets to move toward an always-on, 24/7 environment,” said Stephanie Pierce, Deputy Head of BNY Investments. “Stablecoins are at the forefront of this profound transformation, and we are proud to provide our liquidity leadership and expertise to stablecoin issuers with the launch of the BNY Dreyfus Stablecoin Reserves Fund.”
Market analysis anticipates an expansion of the stablecoin ecosystem, with projections suggesting the global market could swell to approximately $1.5 trillion by 2030. This growth relies on regulatory clarity, which the GENIUS Act provides for U.S. issuers. By providing a 24/7 liquidity solution built upon the trust of a global financial institution, BNY is contributing infrastructure necessary for the long-term expansion and institutional acceptance of digital dollar transfers.
The move represents a bridge between traditional finance (TradFi) and the digital economy. The existence of a regulated reserve fund reduces systemic risk for U.S. dollar stablecoins, making them more reliable for moving capital.
The launch of the BNY Dreyfus Stablecoin Reserves Fund moves the stablecoin sector from a phase of regulatory ambiguity to one anchored by federal oversight and traditional financial infrastructure.
Nathan McCauley, co-founder and CEO of Anchorage Digital, said, “Anchorage Digital is proud to provide the initial investment for this important initiative.” He added, “BNY’s leadership in liquidity and the GENIUS Act framework together mark a new chapter for stablecoin infrastructure in the U.S. As the first federally chartered crypto bank, we see efforts like this as essential to bridging the trust, transparency, and regulatory rigor that will define the next era of digital finance.”
