Federated Hermes, with AUM of $907 billion, is the latest asset manager to announce a GENIUS Act compliant money market fund (MMF), the Federated Hermes Money Market Management Digital Treasury Fund. While the fund is targeted at stablecoin issuers, it is also open to other investors, both institutional and retail. In line with the stablecoin legislation, its collateral has a maturity of 93 days or less and includes cash, Treasuries and repo.
Federated Hermes is one of several asset managers to have issued money market funds targeting stablecoin issuers. Others include the asset management arms of BNY, State Street, Morgan Stanley, JP Morgan and BlackRock. Most of the recently announced GENIUS Act compliant funds, including this one, are conventional funds, although some asset managers have issued tokenized MMFs.
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