The July issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Tuesday morning, features the articles: "Money Fund Symposium '25 Major Issues: Assets, Repo," which discusses highlights from our recent conference in Boston; "MFS Keynote: SSIM's Yie-Hsin Hung on the Future of Cash," which excerpts from the State Street Inv. Mgmt. CEO's recent speech; and, "ICI Worldwide: MMFs Rise in Q1'25 to Record $11.8 Tril." which reviews the latest figures on money fund markets outside the U.S.' We also sent out our MFI XLS spreadsheet Tuesday a.m., and we've updated our Money Fund Wisdom database with 6/30/25 data. Our July Money Fund Portfolio Holdings are scheduled to ship on Thursday, July 10, and our July Bond Fund Intelligence is scheduled to go out on Tuesday, July 15.
MFI's "Money Fund Symposium '25" article says, "Crane Data recently hosted its big Money Fund Symposium conference in Boston, where 680 money market professionals discussed rates, tokenization, asset inflows and a number of other hot topics in cash. We quote from some sessions below, and excerpt from the keynote speech at right. (Note: Recordings and conference materials are available in our 'Money Fund Symposium 2025 Download Center.')"
It continues, "In the 'Major Money Fund Issues' segment, Fidelity's Kevin Gaffney comments, 'To comment on the previous panel on tokenization, I think it is an extremely interesting area. And, as we've talked about all day long, money funds are supposed to be this kind of quiet industry that, no one really paid attention to until the last decade or so.... But one of the things I think that's come out of that is that there is new technology that, might hit our market first. I think when you look at, tokenization, it could potentially be a new horizon for money market funds. I think the blockchain technology has the possibility of adding efficiencies, lowering transactional costs, potentially adding new features to money market funds. [But] I don't know that it fundamentally changes what we do from a portfolio management standpoint.'"
We write in our "MFS Keynote article, "Money Fund Symposium's keynote session, 'The Future of Cash,' featured State Street Investment Management CEO Yie-Hsin Hung. She says, 'It's fantastic to be here with all of you. `I want to thank Peter first and foremost for everything that he does for the money fund industry. No one tracks cash better than you. And everyone here relies on your insights, your data, your wisdom in one way or another.'"
It states, "Hung continues, 'So I'm really glad to be here with all of you. And yes, even with my competitors, it's rare to have so many asset managers and industry experts all in one place. But when we do come together, there's a very good reason. Events like these give us a chance to take a big picture look where we've been, where we are, where we're headed. And I'd like to give my thoughts on that today, especially with respect to the future of cash. We think about this a lot at State Street.'"
Our "Worldwide" piece says, "ICI's latest, 'Worldwide Regulated Open-Fund Assets and Flows, First Quarter 2025,' shows that money fund assets globally rose by $246.3 billion, or 2.1%, in Q1'25 to a record $11.845 trillion. Increases were led by a sharp jump in money funds in U.S. and Luxembourg, while Ireland and Brazil also rose. Meanwhile, money funds in China and Turkey were lower. MMF assets worldwide increased by $1.404 trillion, or 13.4%, in the 12 months through 3/31/25, and money funds in the U.S. now represent 60.1% of worldwide assets. European money fund asset totals surpassed Asian MMF totals for the first time since Q4'17."
The article continues, "ICI's release says, 'Globally, equity fund assets decreased, on a US dollar-denominated basis, by 1.7% to $35.09 trillion at the end of the first quarter of 2025. At the same time, bond fund assets increased by 3.8% to $14.30 trillion; balanced fund assets increased by 1.9% to $7.43T, and money market fund assets increased by 2.1% to $11.84 trillion.'"
MFI also includes the News brief, "Assets Set New Record in Early July," which says, "Our MFI Daily asset series hit a record $7.406 trillion on July 3 (then dipped 6/4-5), its first new high since April 2. Our MFI XLS monthly series also eked out a record $7.425 trillion in June. ICI's smaller weekly series shows assets hitting a record $7.078 trillion in the latest week (ended 7/3)."
Another News brief, "SSGA Changes to SSIM," says, "A statement says, 'State Street’s global asset management business has been rebranded from 'State Street Global Advisors' to 'State Street Investment Mgmt.'"
A third News brief titled, "Circle Says Firms Will Move from Stablecoins to Tokenized Money Funds," tells us, "The Registration Statement for Stablecoin issuer Circle Internet Group, warns, 'Circle Tokenized Funds are regulated yield-bearing investments for collateral use in capital markets. We believe that certain major trading firms have moved, and will increasingly move away from, using stablecoins as collateral in favor of TMMFs.'"
A sidebar, "AFP's 2025 Liquidity Survey," says, "The recently released '2025 AFP Liquidity Survey' discusses 'Current Allocations of Short-Term Investments.' AFP says, 'Companies maintain their investments in relatively few vehicles. Organizations invest in an average 2.57 vehicles for their cash and short-term investments -- slightly lower than the 2.7 average reported in 2024. Most organizations continue to allocate a large share of their short-term investment balances -- an average of 80% -- in safe and liquid investment vehicles: bank deposits, money market funds (MMFs) and Treasury securities.'"
Our July MFI XLS, with June 30 data, shows total assets rose $10.1 billion to a record high $7.425 trillion, after jumping $90.3 billion in May, decreasing $26.6 billion in April and $4.6 billion in March. Assets increased $90.4 billion in February, $47.9 billion in January and $113.0 billion in December. Assets jumped $196.1 billion in November, $89.9 billion in October, $155.2 billion in September, $105.6 billion in August, and $19.7 billion last July.
Our broad Crane Money Fund Average 7-Day Yield was unchanged at 4.01%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was up 1 bp to 4.12% in June. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 4.38% and 4.39%. Charged Expenses averaged 0.37% and 0.27% for the Crane MFA and the Crane 100. (We'll revise expenses once we upload the SEC's Form N-MFP data for 6/30/25 on Wednesday, 7/9.) The average WAM (weighted average maturity) for the Crane MFA was 38 days (up 1 day) and the Crane 100 WAM was down 1 day from the previous month at 38 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
