Fidelity has launched the Reserves Digital Fund, a money market fund built for stablecoin issuers to park their reserves — designed to meet the GENIUS Act's high-quality-liquid-asset rules.

It holds short-term US Treasuries, repos and cash, targets a $1.00 NAV at a 0.18% fee.

Fidelity joins BlackRock, State Street, Goldman Sachs and JPMorgan in Wall Street's race to manage stablecoin reserves — TradFi capturing the backing layer.