The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $3.8 billion to a record $7.190 trillion. MMFs rose $33.3 billion the week prior and $76.2 billion two weeks ago. MMF assets are up by $948 billion, or 15.2%, over the past 52 weeks (through 8/20/25), with Institutional MMFs up $531 billion, or 14.3% and Retail MMFs up $417 billion, or 16.4%. Year-to-date, MMF assets are up by $339 billion, or 5.0%, with Institutional MMFs up $126 billion, or 3.1% and Retail MMFs up $214 billion, or 7.8%. (Note: Register soon for our European Money Fund Symposium, which takes place in just one month, Sept. 22-23 in Dublin, Ireland!)
ICI's weekly release says, "Total money market fund assets increased by $3.75 billion to $7.19 trillion for the week ended Wednesday, August 20, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $984 million and prime funds increased by $3.87 billion. Tax-exempt money market funds increased by $866 million." ICI's stats show Institutional MMFs decreasing $4.4 billion and Retail MMFs increasing $8.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $5.857 trillion (81.5% of all money funds), while Total Prime MMFs were $1.196 trillion (16.6%). Tax Exempt MMFs totaled $136.7 billion (1.9%).
It explains, "Assets of retail money market funds increased by $8.09 billion to $2.95 trillion.. Among retail funds, government money market fund assets increased by $5.40 billion to $1.86 trillion, prime money market fund assets increased by $2.05 billion to $969.78 billion, and tax-exempt fund assets increased by $649 million to $123.76 billion." Retail assets account for 41.0% of the total, and Government Retail assets make up 62.9% of all Retail MMFs.
They add, "Assets of institutional money market funds decreased by $4.34 billion to $4.24 trillion. Among institutional funds, government money market fund assets decreased by $6.38 billion to $4.00 trillion, prime money market fund assets increased by $1.82 billion to $225.90 billion, and tax-exempt fund assets increased by $217 million to $12.92 billion." Institutional assets accounted for 59.0% of all MMF assets, with Government Institutional assets making up 94.4% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $82.5 billion in August (through 8/20/25) to $7.553 trillion. Assets broke above $7.5 trillion on August 4, hit a new record high of $7.575 trillion on August 12, but have since inched lower. Assets increased by $63.7 billion in July, $6.7 billion in June and jumped by $100.9 billion in May. They fell by $24.4 billion in April, but rose $2.8 trillion in March, $94.2 billion in February and $52.8 billion in January. They jumped $110.9 billion in December, $200.5 trillion in November, $97.5 billion in October, $149.8 billion in September and $109.7 billion last August. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
In other news, a press release titled, "State Street Becomes First Third-Party Custodian to Launch on J.P. Morgan's Digital Debt Service, Bringing Blockchain-Based Debt Securities Custody to Institutional Clients," tells us, "State Street Corporation (STT) announced ... that it has become the first third-party custodian to launch on J.P. Morgan's Digital Debt Service, marking a significant milestone in the institutional adoption of blockchain-based debt securities. This strategic collaboration enables State Street to offer custody services for debt securities that are issued, settled and serviced using blockchain technology, delivering a seamless and efficient client experience. The service is currently available only in the U.S."
It explains, "This milestone was marked by the successful purchase of a $100M commercial paper transaction with State Street Investment Management, the asset management business of State Street Corporation. The transaction demonstrates the Digital Debt Service's ability to modernize short-term debt markets by enabling precision-timed settlement, with T+0 settlement available as an option. As an onboarded custodian to J.P. Morgan's Digital Debt Service, State Street can now offer clients access to blockchain-based debt instruments while maintaining the security and regulatory compliance standards expected from traditional custody services."
State Street says, "The transaction also demonstrates the full integration of State Street's capabilities across the investment lifecycle, with State Street Investment Management serving as the front-office investor and State Street providing middle and back-office functionality."
Donna Milrod, Chief Product Officer at State Street, comments, "Through our direct participation in J.P. Morgan's Digital Debt Service, we are advancing our ability to deliver a fully integrated front-, middle-, and back-office solution built on blockchain technology. This launch reflects a meaningful step forward in our digital strategy -- where we manage a digital wallet on-chain and lay the groundwork for interoperability across blockchain networks. It's also a clear demonstration of our 'One State Street' approach, combining institutional-grade infrastructure with emerging digital capabilities to meet the evolving needs of our clients."
The release adds, "State Street has been at the forefront of institutional digital asset adoption with a goal of providing clients an integrated business and operating model that supports the digital investment lifecycle. The integration with J.P. Morgan allows State Street to offer clients seamless custody experience that incorporates blockchain-based debt instruments without altering their established servicing model, including: Precision-Timed Settlement: Settlement infrastructure enables precision and reliability with reduced counterparty risk; and, Streamlined Lifecycle Management: Smart contracts streamline payments, redemptions, and other corporate actions automatically."
Pia McCusker, global head of Cash Management for State Street Investment Management, states, "This partnership with J.P. Morgan's Digital Debt Service represents a transformative movement for institutional asset management. Our successful investment in the first commercial paper transaction in blockchain format for our Short Term Investment Fund demonstrates the tangible benefits this technology brings to our clients and positions them at the forefront of the digital transformation in fixed income markets."
Finally, Emma Lovett, Credit Lead for the Markets Digital Assets Team at J.P. Morgan, says, "Digital asset adoption and investment continues to increase across financial markets globally. As first movers in this space, J.P. Morgan's Digital Debt Service application is a significant advancement in the evolution of digital issuances, providing clients with the opportunity to explore the use of blockchain in unlocking ecosystem-wide efficiencies across capital markets and the lifecycle of bond. State Street's participation as a custodian on our application demonstrates another meaningful step forward in the institutional adoption of blockchain-based debt securities."
