IQMM: The $22.7 Billion ETF You've Never Heard Of
Key takeaways
- Less than three months later, the fund holds $22.7 billion and sits alone atop a category it essentially invented.
- The explanation has little to do with yield-hungry retail investors or advisors looking for a better cash vehicle.
- The GENIUS Act imposed the first comprehensive federal requirements on stablecoin issuers operating in the United States.
IQMM: The $22.7 Billion ETF You've Never Heard Of ETF.com Staff Tue, May 12, 2026 at 9:17 PM GMT+7 5 min read IQMM Cryptocurrency When Pro Shares listed IQMM on February 17, the fund s $17 billion first-day trading volume made it one of the largest ETF debuts ever recorded. Less than three months later, the fund holds $22.7 billion and sits alone atop a category it essentially invented.
The explanation has little to do with yield-hungry retail investors or advisors looking for a better cash vehicle. IQMM exists because of the GENIUS Act — the federal stablecoin law signed in July 2025 — and its assets are almost certainly dominated by one or more stablecoin issuers parking their reserves.
The GENIUS Act imposed the first comprehensive federal requirements on stablecoin issuers operating in the United States. The law mandates that every payment stablecoin in circulation be backed 1:1 by qualifying reserve assets. Those assets are limited to physical currency, U.S. Treasury bills, repurchase agreements, and a narrow set of regulator-approved low-risk instruments.