ProShares GENIUS Money Market ETF (NYSE: IQMM) achieved an unprecedented $17 billion in trading volume on its debut day, Thursday, February 20, 2026. This figure shatters previous records for any ETF launch. Bloomberg senior ETF analyst Eric Balchunas described it as “multitudes beyond the all-time record,” admitting he had underestimated the product’s appeal, expecting it to remain niche compared to established money market ETFs like BIL or SHV.
IQMM is designed to hold assets that satisfy the legal reserve requirements for dollar-backed stablecoins in the United States. The ETF complies with the GENIUS Act, enacted last July, which requires stablecoin issuers to maintain full 1:1 backing with high-quality, liquid assets such as U.S. Treasury bills. This structure positions the fund as a regulated, ETF-based vehicle tailored to the growing stablecoin ecosystem.
For perspective, BlackRock’s iShares Bitcoin Trust (IBIT), the leading spot Bitcoin ETF that launched in January 2024, recorded $1 billion in first-day volume. IQMM’s $17 billion debut dwarfs that milestone by a wide margin, highlighting extraordinary investor interest in stablecoin-related products.
Analysts suggested the volume could stem from a “BYOA” (bring your own assets) strategy, where large asset managers channel client capital into their proprietary offerings. Nate Geraci, President of NovaDius Wealth Management, speculated that ProShares may have partnered with a major U.S.-based stablecoin issuer, likely Circle (issuer of USDC), given the asset profile and available major players.
Stablecoins, with a total supply exceeding $300 billion, are increasingly functioning as “everyday money” in the crypto economy. Recent studies, including one with Coinbase and Artemis, indicate that users allocate roughly one-third of their savings to crypto and stablecoins. This trend reflects a broader transition from speculative trading toward viewing these assets as core components of wealth management and allocation.
The launch coincides with continued negotiations between crypto advocates and banking groups on stablecoin yields and their implications for a comprehensive crypto market structure bill. These talks, which took place on Thursday, underscore the evolving regulatory landscape surrounding stablecoins and tokenized finance.
