A press release titled, "BNY Launches Stablecoin Reserves Fund, Further Expanding BNY's Leadership in Digital Assets," tells us, "BNY ... announced the launch of the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a money market fund created to support institutional adoption of digital assets in the liquidity space. The fund is intended to enable U.S. stablecoin issuers and other qualified institutional investors acting for themselves or in a fiduciary, advisory, agency, brokerage, custodial, or similar capacity. The fund is designed to hold the reserves for stablecoins to be issued under the Guiding and Establishing National Innovation for U.S. Stablecoins ('GENIUS') Act. The fund does not invest in stablecoins." (See Crane Data's August 20 News, "BNY Dreyfus to Launch Stablecoin Reserves Fund; Joins Goldman, Circle.")
BNY's release explains, "The stablecoin market is expected to grow significantly over the next three to five years, enabled by the GENIUS Act, which provides a regulatory framework for US stablecoin issuers, as well as increasing client adoption. Analysis suggests that the stablecoin market could reach $1.5 trillion by 2030."
Stephanie Pierce, Deputy Head of BNY Investments, comments, "Cash is the cornerstone of the digital asset ecosystem, enabling global capital markets to move toward an always-on, 24/7 environment. 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."
The release continues, "As part of the launch, the fund has secured an initial investment from Anchorage Digital, a global cryptocurrency platform that enables institutions to transact in digital assets. Anchorage Digital is the first federally chartered crypto bank in the U.S."
Nathan McCauley, Co-Founder and CEO of Anchorage Digital, states, "Anchorage Digital is proud to provide the initial investment for this important initiative. 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."
The release adds, "BNY Investments Dreyfus is the affiliated liquidity solutions provider of BNY and the flagship offering on BNY's industry-leading Liquidity Direct platform. A top 10 US money market fund sponsor, BNY Investments Dreyfus supports stablecoin issuers by providing regulated money market funds as eligible reserves.... A recognized leader in digital assets, BNY provides fund services for over 80% of the digital asset exchange-traded products in the U.S., Canada and EMEA, and provides fund administration and custody for over 50% of the tokenized fund assets globally."
For more on Stablecoin Reserve funds, see these Crane Data News stories: "TD Securities Writes on Stablecoins, Tokenized Money Funds, Digital" (11/5/25), "Northern Earnings Discuss Deposits, Tokenized Money Funds, Offshore" (10/24/25), "BNY's Vince on Q3 Call: Money Market Evolution, Dreyfus, Stablecoins" (10/22/25), "BlackRock Breaks $1 Trillion in Money Funds; Offers Stablecoin Reserve" (10/17/25), "BlackRock Breaks $1 Trillion in Money Funds; Offers Stablecoin Reserve <i:https://cranedata.com/archives/all-articles/11050/>`_" (10/17/25), "Capital Advisors Group's Pan Comments on Laddered SMAs, Stablecoins" (10/6/25), "More Liberty Street Economics: Cautionary Historical Tale on Stablecoins" (10/2/25), "IMMFA on Tokenization of MMFs in Europe; Tether USDT; Fidelity Digital" (9/22/25), "Sept. MFI: Assets Break $7.6T; Stablecoin Reserves; JPM on Offshore MFs" (9/8/25), "Goldman Sachs: Summer of Stablecoin; FT: Banks Lobby to Block Interest" (8/26/25), "FOMC Minutes: RRP, Bills, Stablecoins" (8/21/25), "Goldman Files to Launch Stablecoin Reserves Fund; Circle Q2 Earnings" (8/13/25), "August MFI: BNY Portal Tokenizes; ICD's Tory Hazard; Stablecoins in Q2" (8/7/25) and "BNY's Liquidity Direct Portal Announces Plans to Tokenize Money Funds" (7/24/25).
In other news, the Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing by $1.8 billion and reaching a new record high of $7.536 trillion after breaking above the $7.5 trillion level for the first time the week prior. Assets have risen in 7 of the last 8 weeks, and 15 of the past 17 weeks. MMFs rose $116.4 billion last week, after increasing $20.6 billion two weeks ago. MMF assets are up by $866 billion, or 13.0%, over the past 52 weeks (through 11/12/25), with Institutional MMFs up $505 billion, or 12.6% and Retail MMFs up $361 billion, or 13.6%. Year-to-date, MMF assets are up by $686 billion, or 10.0%, with Institutional MMFs up $398 billion, or 9.7% and Retail MMFs up $288 billion, or 10.5%.
ICI's weekly release says, "Total money market fund assets increased by$1.82 billion to $7.54 trillion for the week ended Wednesday, November 12, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $1.58 billion and prime funds decreased by $1.26 billion. Tax-exempt money market funds increased by $1.51 billion." ICI's stats show Institutional MMFs decreasing $3.0 billion and Retail MMFs increasing $4.8 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.180 trillion (82.0% of all money funds), while Total Prime MMFs were $1.213 trillion (16.1%). Tax Exempt MMFs totaled $143.7 billion (1.9%).
It explains, "Assets of retail money market funds increased by $4.81 billion to $3.02 trillion. Among retail funds, government money market fund assets increased by $1.00 billion to $1.90 trillion, prime money market fund assets increased by $1.89 billion to $990.78 billion, and tax-exempt fund assets increased by $1.91 billion to $131.47 billion." Retail assets account for 40.1% of the total, and Government Retail assets make up 62.9% of all Retail MMFs.
They add, "Assets of institutional money market funds decreased by $2.99 billion to $4.51 trillion. Among institutional funds, government money market fund assets increased by $578 million to $4.28 trillion, prime money market fund assets decreased by $3.16 billion to $222.40 billion, and tax-exempt fund assets decreased by $406 million to $12.21 billion." Institutional assets accounted for 59.9% of all MMF assets, with Government Institutional assets making up 94.8% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $69.2 billion to $7.919 trillion month-to-date in November (as of 11/12). They hit a record high of $7.925 trillion on November 4, but have dipped slightly since. Assets increased by $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 billion last November. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
