Coinbase invests in ProShares’ GENIUS Money Market ETF, IQMM, to advance stablecoin cash management
TL;DR: Coinbase is investing in ProShares’ GENIUS Money Market ETF, IQMM – the first money market ETF designed to be eligible for stablecoin reserves under the GENIUS Act. As stablecoins become core to financial infrastructure,the industry needs better ways to manage the money that supports them. In addition to offering a full-stack stablecoin payments solution, Coinbase is supporting tools that can help stablecoins scale responsibly.
The GENIUS act set a clear standard: stablecoins must be backed 1-to-1 by high quality, highly liquid assets. That created a new requirement for the industry, reserve infrastructure purpose-built to meet it. Today, Coinbase is making an investment into ProShares’ GENIUS Money Market ETF (IQMM), the first money market ETF designed to be eligible for stablecoin reserves under the GENIUS Act.
How IQMM is structured
Short-term US Treasuries with maturities of 93 days or less
Cash and cash equivalents
Designed to meet Section 4 reserve requirements of the GENIUS Act
One of the largest money market ETFs in the world
Why reserve infrastructure matters now
Stablecoins have made money more useful. They move 24/7, settle instantly, and can be used by people, businesses, developers, and AI agents in ways traditional payment systems weren’t built to support.
But moving money is only one part of the system. Managing money matters too.
As stablecoins grow, the infrastructure around reserves, liquidity, creation, and redemption needs to grow with them. Historically, stablecoin flows have depended on a narrower set of banking and cash-management rails. Over time, we believe stablecoins will be created and redeemed against a broader range of high-quality cash and cash-equivalent assets, including treasuries, ETFs, money market funds, and tokenized versions of those instruments. Last year’s passage of the GENIUS Act reflects that shift by setting clear standards for stablecoin reserves, including 1-to-1 backing in high-quality, highly liquid assets.
IQMM is built around a simple idea: as stablecoins scale, issuers need reserve tools built for this market, not repurposed for traditional cash management.
ProShares has two decades in ETF infrastructure. That matters as stablecoin infrastructure increasingly sits at the intersection of crypto, ETFs, money markets, payments, and traditional capital markets. IQMM is designed for that intersection.
Building for the next phase of stablecoins
Coinbase is building the full stack for stablecoin adoption: distribution, payments, developer tools, and now reserve infrastructure. This investment extends that work into the less visible but critical parts of the system: cash management, reserve operations, and creation and redemption infrastructure. And as the GENIUS Act accelerates stablecoin adoption, strengthening this system is all the more important.
Stablecoins are a better way to move money, but the industry needs better ways to manage money too. We are excited to support ProShares as they build tools for that next phase.
