Coinbase invests in ProShares stablecoin reserves ETF

Coinbase, a leading U.S. cryptocurrency exchange, has announced an investment in ProShares' GENIUS Money Market ETF. This ETF is notable for being the first money market fund designed to meet the stringent requirements of the GENIUS Act, specifically focusing on holding assets that comply with U.S. legal reserve requirements for dollar-backed stablecoins. While Coinbase did not disclose the investment amount, the fund currently manages approximately $22 billion in assets. This move signifies Coinbase's commitment to supporting the responsible scaling of stablecoins by investing in infrastructure that can accommodate their growth.