ProShares Stablecoin Reserve ETF's first-day trading volume sets a record of $17 billion

According to The Block, the GENIUS money market ETF launched by ProShares (ticker: IQMM) achieved a historic trading volume of $17 billion on its first trading day, far surpassing the $1 billion debut of the BlackRock Bitcoin ETF (IBIT) launched in 2024.

This ETF is designed specifically for holding assets that meet the U.S. stablecoin reserve requirements and fully complies with the GENIUS Act signed last year, which mandates that stablecoin issuers must back their reserves 1:1 with safe, highly liquid assets such as U.S. Treasury securities. Analysts speculate that most of the funds may come from the stablecoin issuer Circle.