234-year-old State Street (NYSE: STT) is expanding into the crypto economy. On June 16, the bank's investment management arm launched the State Street Stablecoin Reserves Money Market Fund, t
234-year-old State Street (NYSE: STT) is expanding into the crypto economy.
On June 16, the bank's investment management arm launched the State Street Stablecoin Reserves Money Market Fund, ticker SSCXX. It is built specifically for stablecoin issuers to hold the cash backing their tokens.
The Boston-based institution traces its roots to 1792, when Union Bank was chartered in Boston to serve the city's maritime merchants. It became the third bank established in Boston and one of the oldest financial institutions in the United States.
The modern name emerged a century later when State Street Deposit & Trust Company was chartered in 1891. It was shortened to State Street Trust Company in 1897. Through mergers over the following decades, that trust company grew into today's State Street Corporation.
Related: Explained: What is a stablecoin?
SSCXX is a Rule 2a-7 government money market fund. It is a conservative structure that invests only in cash, short-term U.S. Treasuries, repurchase agreements, and other cash equivalents.
The aim, as per State Street Investment Management CEO Yie-Hsin Hung, is "principal preservation, liquidity and income" while holding a stable $1 share price.
State Street Bank and Trust and crypto bank Anchorage Digital seeded the fund as initial investors.
The point is to give stablecoin issuers a regulated, institutional-grade place to park reserves or the dollar assets that are supposed to back every stablecoin one-to-one.
The fund was explicitly designed to comply with the GENIUS Act, the stablecoin law Congress passed in July 2025. That framework clarified how issuers can hold reserves, including in registered money market funds, opening the door for products like SSCXX.
Wall Street is racing to get involved with stablecoins and tokenization. In the same press release, State Street cited projections that global stablecoin issuance could reach $1.9 trillion to $4 trillion by 2030.
State Street's latest launch follows similar reserve and tokenization pushes from BlackRock (NYSE: BLK), JPMorgan (NYSE: JPM), and Morgan Stanley (NYSE: MS).
This is also not the first time State Street is exploring the space. In May, it announced the Galaxy Onchain Liquidity Sweep Fund in partnership with Galaxy Digital (NASDAQ: GLXY). It is a tokenized private liquidity fund designed to allow 24/7 onchain cash management via stablecoin.
Related: 'We don't want to be behind': U.S. lawmakers prioritize stablecoins in Congress
