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ProShares GENIUS Money Market ETF Records $17 Billion First-Day Volume, Surpassing BlackRock Bitcoin ETF Debut

ProShares' GENIUS Money Market ETF (IQMM) recorded approximately $17 billion in trading volume on its first day, significantly exceeding the $1 billion first-day volume of BlackRock's Bitcoin ETF (IBIT) at its January 2024 launch, The Block reports. The ETF holds assets meeting U.S. legal reserve standards for stablecoins and aligns with the GENIUS Act signed in July last year, which requires stablecoin issuers to maintain 1:1 backing with secure, highly liquid instruments such as U.S. Treasuries. Analysts cited by The Block suggest a substantial portion of the inflows likely originated from stablecoin issuer Circle.
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