The Stablecoin Gold Rush Has a Plot Twist
Everyone's Watching the Wrong Part of the Stablecoin Story
In short: Six of Wall Street's biggest names — BlackRock, Goldman Sachs, State Street, Fidelity, BNY, and Invesco — have all launched or filed for dedicated money market funds for stablecoin reserves in 2026. This isn't a coincidence. The GENIUS Act quietly created a brand new asset management category, and the race to own it is already underway. The stablecoin market sits above $315 billion today 1. Citi Institute projects it could reach $1.9–4 trillion by 2030 2. Wall Street doesn't want to issue the tokens — it wants to manage what backs them.
I'll be honest — I spent most of the past year focused on stablecoin issuance numbers. Supply growth, new entrants, regulatory updates. The usual stuff. What I completely underestimated was how fast the reserve management side of this was going to move. And that's where...
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