Fidelity has announced its entry into the stablecoin reserve management sector, leveraging the GENIUS Act's framework for payment stablecoins in the U.S. The act mandates that stablecoin issuers hold reserves in cash, short-term Treasury securities, and certain government money market funds. Fidelity's new fund will invest in U.S. Treasury bills, notes, and bonds with maturities of 93 days or less, as well as cash and overnight repurchase agreements backed by Treasuries. Robin Foley, Fidelity's head of fixed income, highlighted the company's expertise in fixed income and money markets as a key advantage in offering a compliant money market fund for stablecoin issuers. While Fidelity focuses on reserve management, State Street is also entering the space, emphasizing its broader strategy in tokenized finance. This includes partnerships with crypto firms like Anchorage Digital and products aimed at onchain liquidity management.