In the last 12 months, several Wall Street banks have entered the stablecoin reserve space and Morgan Stanley is the sixth one. Morgan Stanley Investment Management (MSIM) launched MSNXX, the Stablecoin Reserves Portfolio. Now it manages reserves for stablecoin issuers with a money market fund but BlackRock ($67.7B in USDXX), Goldman (STBXX) and BNY Dreyfus (BSRXX) got in the space first. With a market cap of $320B, stablecoin is already sitting at ~$200B in the U.S. Treasury exposure. So, the race is not about pulling capital but who will take a lead in managing those.
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Signals
Morgan Stanley just captured crypto's yield
On April 23, 2026, Morgan Stanley launched the Stablecoin Reserves Portfolio (MSNXX). It’s a money market fund holding cash and U.S. Treasuries (under 93 days), charging a 0.15% fee with a $10M minimum.
