Wall Street ETF Complex Muscles Into the Digital Dollar Market

A new class of digital money is reshaping how Americans move and store dollars — and Wall Street is racing to get a piece of it.

ProShares is launching what it says is the first money market ETF designed to hold reserves for stablecoin issuers, entering a market whose size is still being decided in Washington.

The ProShares GENIUS Money Market ETF, which begins trading Thursday under the ticker IQMM, invests in short-term US government securities that qualify as eligible reserves under the GENIUS Act, the stablecoin law signed by President Donald Trump last year. Stablecoins are ...