ProShares on Wednesday announced the launch of the ProShares GENIUS Money Market ETF (IQMM) and said the fund meets the strict requirements of the GENIUS Act, which makes it eligible to hold stablecoin reserves. The company said IQMM invests only in short-term U.S. Treasuries and is built for principal preservation and price stability. ProShares says it built IQMM for stablecoin treasuries Michael L. Sapir, CEO of ProShares, said the fund was designed to serve institutional and crypto-linked demand. “We believe that IQMM will be an attractive cash management alternative for institutional investors, including stablecoin treasuries, as well as financial professionals and individual investors,” Michael said. Michael added that the structure goes beyond standard money market requirements. “IQMM reflects ProShares’ continued commitment to building innovative products for evolving markets,” Michael said. “The fund offers a more conservative approach to cash management than is required by standard money market rules, with all the known benefits and convenience of an ETF.” ProShares said the portfolio holds only short-term U.S. government debt and does not include corporate credit exposure, as the focus remains on safety of principal while offering intraday liquidity through exchange trading. Trump family calls its stablecoin USD1 an upgraded dollar Meanwhile, President Donald Trump’s family is also working on its own dollar-linked crypto product. The U.S. dollar was created in 1792, when the federal government established control over currency issuance and since then, presidents have generally repeated a “strong dollar” policy and left currency issuance in federal hands. That pattern changed last March when a company partly owned by President Donald Trump and his family began marketing a cryptocurrency called USD1. The stablecoin is designed to track the value of the U.S. dollar, similar to how the original dollar was pegged to the Spanish silver dollar in the late 18th century. World Liberty Financial, the Trump-linked firm behind USD1, markets the token on its website as “The Dollar. Upgraded.” and describes it as “still the US dollar, but for a new era.” Reporters questioned why a dollar-linked product would be run by the president’s family rather than the U.S. Treasury, and the network interviewed Don and Eric at a crypto event held near Mar-a-Lago’s pool. Don said, “This is actually going to preserve dollar hegemony.” He added, “There’s crypto companies that are the top five buyers in the world. That’s going to actually stabilize the US dollar and do all the things that we need to.” Eric Trump said, “We’re going to lead the way as Americans. You’re going to leave that to whom, JPMorgan, to do? You’re going to leave that to the federal government to do?” Eric criticized large banks directly. “Do you think big banks will actually do this?” Eric said. “It’s been 50 years, where bankers are working six hours a day. They have a two-hour lunch break. They’re typically out of the office at four o’clock in the afternoon.” The brothers tied their entry into crypto to events following the Jan. 6, 2021, Capitol riot, when parts of the banking system declined to continue business relationships with the Trump family. Don said, “We didn’t get into crypto because we were on the leading edge. We got into it out of necessity. They basically forced us into it.” Eric told reporters, “We were the most cancelled people in the world in 2020, 2021, and it’s really great to almost have this retribution where all of a sudden we start pushing an agenda.” “Our agenda was to modernize finance, to allow that to never ever, ever happen to anybody again,” Eric said. Don described the traditional banking system as a “Ponzi scheme” and said banks “created this monster” when accounts were closed over political affiliations. Eric recalled that during the period after his father left the White House, financial institutions cut off accounts linked to the family’s commercial properties and golf courses. “These are commercial buildings, residential buildings, golf courses around the world,” Eric said. “They were pulling these accounts from us like we were absolute dogs. We couldn’t pay our vendors, we couldn’t pay our employees. And so we said, listen, there has to be a better way.” Eric pointed to the launch of Truth Social after social media platforms banned President Trump and said the family responded similarly in finance after banks reduced ties. If you're reading this, you’re already ahead. Stay there with our newsletter .
