$17 Billion on Day One: How IQMM Could Supercharge Stablecoins, and Why Circle Stands to Gain
Actionable Market Insights
Why this report matters
ProShares GENIUS Money Market ETF (IQMM) $17 billion launch volume signals that stablecoin reserves are rapidly migrating into a regulated, transparent ETF structure, effectively pulling crypto’s monetary base into the U.S. financial system. This is massive because it institutionalizes stablecoin backing, reduces opacity risk, and could channel hundreds of billions of dollars in digital dollar reserves directly into Treasury markets under the GENIUS framework
IQMM is a first-of-its-kind financial product designed specifically to bridge the gap between traditional finance and the digital asset economy.
The ETF is the first to be purpose-built to meet the requirements of the GENIUS Act of 2025 (Guiding and Establishing National Innovation for U.S. Stablecoins Act). It allows stablecoin issuers to hold their reserves in a regulated, transparent, and highly liquid ETF format rather than managing a complex private portfolio of Treasuries.
Who is the main beneficiary? What will happen next? And where is this $17 billion (likely) coming from?
Stablecoin Growth (USD billions)
