IQMM's historic first-day launch underscores how traditional cash funds are adapting to compete in a stablecoin-driven landscape following the passage of the GENIUS Act. ProShares’ record-breaking debut of its money market exchange-traded fund (ETF) last week underscores the enormous demand for cash-management products at a time when the asset class is increasingly being tokenized — and, as industry proponents argue, the shift could help funds remain competitive amid increasing US stablecoin adoption. Money market funds invest in short-term, high-quality debt instruments such as US Treasury bills, repurchase agreements and commercial paper. They are designed to preserve capital while offering modest yield and daily liquidity, making them a popular cash-management vehicle for investors. That backdrop makes the launch of the ProShares Genius Money Market ETF (IQMM) particularly notable. The actively managed fund, which primarily holds short-duration government securities, generated $17 billion in first-day trad...