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Coinbase announced an investment in ProShares' money market ETF IQMM to advance stablecoin cash management.
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Coinbase announced on June 2nd that it has invested in ProShares' GENIUS Money Market ETF (ticker IQMM) to advance stablecoin cash management. This product is one of the first money market ETFs designed under the GENIUS Act that can be used for stablecoin reserves. IQMM primarily holds U.S. Treasury bills and cash equivalents with maturities not exceeding 93 days, aiming to meet the reserve requirements of Article 4 of the GENIUS Act regarding "1:1 backing by high-quality, liquid assets."