ProShares’ New ETF Breaks Record With $17B First-Day Volume

The ProShares GENIUS Money Market ETF (NYSE: IQMM) recorded $17 billion in trading volume on its first day of trading on February 19, 2026, setting a new record for any ETF launch.

The debut far exceeded the previous single-day record held by BlackRock’s iShares Bitcoin Trust (IBIT), which generated $1 billion in volume during its January 2024 launch.

Built for Stablecoin Compliance

IQMM is the first ETF specifically structured to align with the GENIUS Act, the U.S. stablecoin regulation signed into law in July 2025.

The fund is designed to serve as a compliant reserve vehicle for stablecoin issuers that must maintain 1:1 backing in high-quality, liquid assets.

Its portfolio consists exclusively of short-term U.S. Treasury bills and other instruments that qualify as eligible reserves under the new law.

The product’s strategic purpose is to help stablecoin issuers manage daily redemption flows efficiently, reducing the need to sell longer-duration bonds at a loss during volatile periods.

Where Did the $17 Billion Come From?

Market analysts suggest that much of the record-breaking volume may have originated from Circle, the issuer of the USDC stablecoin.

Bloomberg senior ETF analyst Eric Balchunas indicated the launch may reflect a “Bring Your Own Assets” (BYOA) strategy, where large institutions shift existing capital into a newly created proprietary vehicle rather than generating entirely new inflows.

If accurate, this would mean the record volume reflects capital repositioning rather than fresh net demand, though the scale remains unprecedented.

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Institutional Stablecoin Integration Accelerates

The ETF launch follows new SEC guidance issued in February 2026 regarding broker capital requirements for stablecoin exposure.

Together, the GENIUS Act framework and regulatory clarification suggest stablecoin reserves are becoming increasingly integrated into traditional financial infrastructure.

IQMM’s record-setting debut highlights how tokenized dollar reserves and regulated investment products are converging, and how large institutions are repositioning stablecoin liquidity within compliant structures.

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