ProShares' stablecoin-ready ETF sees $17 billion debut, sparking speculation about Circle

Analysts speculated that a large issuer like Circle might be moving reserve assets en masse into the ETF, but data show otherwise. What to know : ProShares launched IQMM, a money market ETF designed to comply with U.S. stablecoin reserve requirements under the GENIUS Act. The fund saw over $17 billion in first-day trading, sparking speculation about a large stablecoin issuer like Circle moving funds. Data suggests that internal fund movements, not Circle, are likely behind the volume. Still, the IQMM could see demand from the $300 billion stablecoin industry as the sector gets increasingly regulated, 10x Research's Markus Thielen said.