ProShares $17 Billion ETF Launch Sets the Stage for the GENIUS Act Era

The ProShares GENIUS Money Market ETF (IQMM) logged an unprecedented $17 billion in first-day trading volume. The fund invests in very short-term US government debt, making it extremely low risk and similar to holding cash, and is aimed at institutions, including stablecoin issuers, that want a safe place to store money while earning a small yield.

Market observers say the magnitude of the inflow reflects a “bring your own assets” shift rather than a retail buying frenzy. Bloomberg senior ETF analyst Eric Balchunas called IQMM’s debut “multitudes beyond the all-time record for an ETF,” comparing it to BlackRock’s IBIT, which did about $1 billion on day one.

Early speculation suggested a deal with a major US stablecoin issuer, given the fund’s design to meet the GENIUS Act’s strict reserve requirements, including a 93-day cap on eligible Treasury maturities. Balchunas later clarified that much of the activity came from within ProShares, with the firm’s own cash positions moved into IQMM.

United States

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