The ProShares GENIUS Money Market ETF recorded a historic $17B in trading volume on its first day, marking the largest ETF debut ever.
Trading under the ticker IQMM, the fund is designed to hold assets that satisfy U.S. legal reserve requirements for dollar-backed stablecoins. The structure aligns with the GENIUS Act, which mandates full 1:1 backing using highly liquid instruments such as U.S.
Treasury bills and short-term government securities. The debut significantly outpaced previous ETF launches, including BlackRock’s spot Bitcoin ETF IBIT, which generated about $1B in day-one volume in 2024.
Analysts suggested the surge may reflect large stablecoin issuers, asset managers, or institutions reallocating cash reserves into compliant money market vehicles. The launch highlights growing institutional demand for regulated products that bridge traditional finance and stablecoin infrastructure.
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