Crypto News Today: Federated Hermes Unveils OFFXX Fund to Meet GENIUS Act Stablecoin Reserve Rules
Federated Hermes launches OFFXX, the first money market fund designed to meet GENIUS Act reserve rules for US payment stablecoin issuers.
➤ Federated Hermes has launched the OFFXX money market fund, specifically designed to meet the reserve requirements for US payment stablecoin issuers under the new GENIUS Act. ➤ The fund invests in US dollar cash, short-term Treasury securities, and overnight Treasury-backed repurchase agreements, aligning with the eligible reserve assets mandated by the federal stablecoin law. ➤ While OFFXX does not currently use blockchain technology for ownership records, Federated Hermes is considering future integration, marking a step towards bridging traditional finance with regulated stablecoin infrastructure.