ProShares stablecoin-related ETF reaches $17 billion in trading volume on its first day

ProShares has launched the IQMM money market ETF, which complies with the stablecoin reserve requirements under the U.S. GENIUS Act, with a first-day trading volume exceeding $17 billion. Analysts had speculated that major stablecoin issuers such as Circle might transfer large amounts of reserve assets into this ETF, but data suggests that the trading volume may originate from internal fund flows. Markus Thielen of 10x Research stated that IQMM could attract demand from the $300 billion stablecoin industry, especially in the context of strengthened regulation.