PANews reported on June 16th that, according to The Block, traditional financial giant State Street has launched the "State Street Stablecoin Reserves Money Market Fund" (ticker symbol: SSCXX), a government money market fund designed specifically for stablecoin issuers to hold stablecoin reserve assets. This fund is a Rule 2a-7 government money market fund, investing only in cash, short-term U.S. Treasury securities, repurchase agreements, and other cash equivalents, with the objectives of principal safety, daily liquidity, and maintaining a $1 face value. SSCXX has received initial funding from State Street Bank and Trust Company and Anchorage Digital, and is designed in accordance with the GENIUS Act, the U.S. stablecoin regulatory framework to be passed in 2025, legally accommodating stablecoin reserves. State Street previously launched SWEEP, an on-chain cash product for stablecoin holders, and operates the digital asset platform DAP.