Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Tuesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of June 13) includes Holdings information from 61 money funds (up 14 from two weeks ago), or $3.535 trillion (up from $2.913 trillion) of the $7.346 trillion in total money fund assets (or 48.1%) tracked by Crane Data. (Note: Our Weekly MFPH are e-mail only and aren't available on the website. See our latest Monthly Money Fund Portfolio Holdings here and our June 11 News, "June Money Fund Portfolio Holdings: Repo Jumps to 40%, T-Bills Flat.") (Note too: For those attending our upcoming Money Fund Symposium, which is June 23-25, 2025 in Boston, we look forward to seeing you! Attendees and subscribers may access the conference materials via our "Money Fund Symposium 2025 Download Center.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.491 trillion (up from $1.316 trillion two weeks ago), or 42.2%; Repurchase Agreements (Repo) totaling $1.368 trillion (up from $1.076 trillion two weeks ago), or 38.7%, and Government Agency securities totaling $331.9 billion (up from $275.3 billion), or 9.4%. Commercial Paper (CP) totaled $143.4 billion (up from two weeks ago at $116.1 billion), or 4.1%. Certificates of Deposit (CDs) totaled $79.5 billion (up from $51.5 billion two weeks ago), or 2.2%. The Other category accounted for $84.2 billion or 2.4%, while VRDNs accounted for $37.4 billion, or 1.1%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.491 trillion (42.2% of total holdings), Fixed Income Clearing Corp with $423.2B (12.0%), the Federal Home Loan Bank with $209.6 billion (5.9%), JP Morgan with $120.0B (3.4%), RBC with $96.3B (2.7%), BNP Paribas with $85.3B (2.4%), Citi with $82.8B (2.3%), Federal Farm Credit Bank with $81.0B (2.3%), Barclays PLC with $57.4B (1.6%) and Wells Fargo with $56.5B (1.6%).
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($288.2B), JPMorgan 100% US Treas MMkt ($254.4B), Goldman Sachs FS Govt ($234.5B), Fidelity Inv MM: Govt Port ($234.4B), BlackRock Lq FedFund ($175.6B), Morgan Stanley Inst Liq Govt ($164.9B), State Street Inst US Govt ($157.8B), Fidelity Inv MM: MM Port ($154.5B), BlackRock Lq Treas Tr ($146.9B) and Dreyfus Govt Cash Mgmt ($130.3B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In related news, ICI also released its latest monthly "Money Market Fund Holdings" summary recently, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in May, prime money market funds held 43.7 percent of their portfolios in daily liquid assets and 60.3 percent in weekly liquid assets, while government money market funds held 74.8 percent of their portfolios in daily liquid assets and 85.9 percent in weekly liquid assets." Prime DLA was down from 45.7% in April, and Prime WLA was down from 61.2%. Govt MMFs' DLA fell from 75.1% and Govt WLA was down from 86.0% for the previous month.
ICI explains, "At the end of May, prime funds had a weighted average maturity (WAM) of 28 days and a weighted average life (WAL) of 51 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 41 days and a WAL of 95 days." Prime WAMs were 3 days longer and WALs were 1 day longer from the previous month. Govt WAMs were 5 days longer and WALs were 2 days longer from April.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds' holdings attributable to the Americas rose from $609.01 billion in April to $614.34 billion in May. Government money market funds' holdings attributable to the Americas rose from $5,122.76 billion in April to $5,152.47 billion in May." The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $614.3 billion, or 54.5%; Asia and Pacific at $173.4 billion, or 15.4%; Europe at $310.0 billion, or 27.5%; and, Other (including Supranational) at $29.5 billion, or 2.6%. The Government Money Market Funds by Region of Issuer table shows Americas at $5.152 trillion, or 90.4%; Asia and Pacific at $128.0 billion, or 2.2%; Europe at $391.2 billion, 6.9%, and Other (Including Supranational) at $25.8 billion, or 0.5%.
Finally, see The Wall Street Journal's, "How Stablecoins Can Be Destabilizing," which says, "Stablecoins' going mainstream wouldn't take all of banks' deposits away. Just some of the better ones. The Senate looks set to soon pass the so-called Genius Act, which will set guidelines for issuers of stablecoins -- digital tokens that are fully backed by fiat currencies such as dollars. One big debate over the wisdom of giving stablecoins a regulatory framework centers around how they would affect the current banking system if they were to hugely expand in size."
The piece comments, "Strictly speaking, stablecoins don't take funds out of the banking system. One way or another, these dollars will usually end up back in banks. What banks wind up with, though, could be something very different: the kinds of big, uninsured deposits that make some people nervous. When a U.S.-dollar stablecoin is created, the issuer receives U.S. dollars that they put in reserve. Under proposed guidelines of versions of the Genius Act, stablecoin issuers can hold reserves in bank accounts. They can also buy things such as U.S. Treasurys, which moves cash to the accounts of the sellers of those assets. They can even essentially lend cash to banks, as part of so-called repurchase agreement transactions, as money-market funds often do."
