Fidelity Investments has launched the Fidelity Reserves Digital Fund for institutional investors, including stablecoin issuers, with a $1 million minimum initial investment.

According to NS3.AI, the fund launched on June 15 and invests exclusively in eligible reserve assets permitted under the GENIUS Act.

The fund aims to maintain a $1.00 net asset value and charges a 0.25% management fee.

Separately, DefiLlama data put total stablecoin market capitalization around $315 billion as of today.