BNY Mellon has introduced the BNY Dreyfus Stablecoin Reserves Fund, aimed at expanding reserve options for U.S. stablecoin issuers under the GENIUS Act. Announced on November 13, the fund is structured as a government money market product and is designed for institutions in fiduciary, advisory, agency, custodial, or brokerage roles, excluding direct stablecoin investments. Anchorage Digital has provided the initial allocation for the fund. CEO Nathan McCauley described the initiative as a significant development for stablecoin infrastructure in the U.S. The GENIUS Act, effective from July 2025, mandates federal reserve requirements for U.S. payment stablecoins, allowing government money market funds like BSRXX to serve as eligible reserve vehicles.