ProShares' Stablecoin-Compliant ETF Logs $17B First-Day Volume, Record Debut
ProShares’ GENIUS Money Market ETF (IQMM) made a blockbuster debut on NYSE Arca on Feb. 20, 2026, generating roughly $17 billion in first-day trading volume and shattering prior ETF opening records. The fund’s stablecoin-compliant structure appears to have tapped pent-up demand for a regulated, cash-like crypto exposure that institutional and retail investors can access through traditional brokerage accounts.
The size of the inflow matters because it tests liquidity and custody arrangements for tokenized cash equivalents and could accelerate product development from other issuers. Regulators and market participants will watch how the ETF settles and manages counterparty risk; a smooth rollout would strengthen the case for more crypto-linked, compliance-focused ETF offerings, while any frictions could shape oversight and operational standards going forward.