Catenaa, Saturday, February 28, 2026- ProShares set a new exchange-traded fund record Thursday as its GENIUS Money Market ETF generated $17 billion in first-day trading volume.
The fund, trading under ticker IQMM on the New York Stock Exchange, is structured to hold assets that meet US legal reserve requirements for dollar-backed stablecoins.
IQMM aligns with the GENIUS Act, signed into law last July, which requires stablecoin issuers to maintain one-to-one backing with safe, highly liquid assets such as US Treasury bills.
The ETF is designed to mirror those reserve standards, positioning it as a stablecoin-ready money market product.
Bloomberg senior ETF analyst Eric Balchunas said the debut volume far exceeded previous ETF records. For comparison, BlackRock’s iShares Bitcoin Trust ETF recorded $1 billion in first-day trading when it launched in January 2024. Balchunas suggested the surge could reflect a bring-your-own-assets strategy, in which firms allocate client capital into affiliated products.
NovaDius Wealth Management President Nate Geraci speculated that a major US-based stablecoin issuer may have supported the launch, pointing to Circle as a likely participant.
The debut comes as stablecoins, now representing roughly $300 billion in supply, gain traction as transactional tools and savings vehicles. Industry groups and banking representatives continue talks on stablecoin yields and broader crypto market structure legislation.
