PANews reported on November 13 that, according to US media reports, Bank of New York Mellon is launching a money market fund specifically tailored for stablecoin issuers who need to comply with the recently signed US stablecoin laws. The bank's BSRXX is one of the first funds specifically designed for stablecoin providers, aiming to provide them with an investment venue where they can deposit funds received when issuing new tokens, while complying with the GENIUS Act, which Trump signed into law earlier this year. This law requires dollar-backed digital token issuers to invest their reserves in ultra-safe investments with shorter durations than traditional money market funds. Stephanie Pierce, vice president of investment at Bank of New York Mellon, stated that the new fund is designed to meet the law's requirements by holding only securities with maturities of 93 days or less.