Daily Links Archives: December, 2025
Amundi Tokenises Shares of EUR MMF
A press release titled, "Amundi tokenises the first mutual fund to expand investor access" tells us, "In November, we launched our first tokenized share of one of our money market fund. The initial subscription took place on November 4 and the fund is now distributed in a hybrid way: it remains accessible via standard distribution networks and, from now on, via the tokenized share. Driven by growing customer demand for digital assets, this innovation opens the door to simple, immediate, 24/7 access to broad investment opportunities." It explains, "This project was completed in a record time of four months, based on three years of research on tokenization and close collaboration between the Legal, Compliance, Investments, Risk and Marketing teams in France, Italy and Luxembourg at Amundi, Crédit Agricole and CACEIS. The technology and infrastructure for the tokenisation of unit-linked funds, the digital wallets for investors, as well as the digital order platform for subscriptions and redemptions are provided by CACEIS." The piece adds, "This first class of tokenized shares is just the beginning and we are gradually adding new features to our tokenization offering, based on specific business cases allowing the integration of external customers." Earlier, The Block wrote, "Europe's largest asset manager Amundi tokenizes money market fund on Ethereum." They comment, "Amundi, Europe's largest asset manager with approximately $2.3 trillion in assets under management, has announced the launch of the first tokenized shares of one of its money market funds. According to the firm, the fund is now available as a new tokenized share class labeled Amundi Funds Cash EUR - DLT, using distributed ledger technology. The new share class is recorded on the public blockchain, which the Paris-headquartered firm said enables transparent record-keeping of fund units and full transaction traceability. Amundi framed the launch as a milestone in its wider digital assets roadmap, positioning tokenization as a way to modernize fund infrastructure and broaden investor access. The initiative was built in collaboration with CACEIS, one of Europe's top asset-servicing providers and transfer agents. CACEIS supplies the technology stack for the fund's tokenization, including digital wallets for investors and a blockchain-based order platform supporting subscriptions and redemptions."
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing by $10.7 billion to a record $7.666 trillion after increasing by $1.2 billion the previous week. Assets have risen in 11 of the last 13 weeks and 19 of the past 22 weeks. MMF assets are up by $915 billion, or 13.6%, over the past 52 weeks (through 12/17/25), with Institutional MMFs up $561 billion, or 13.8% and Retail MMFs up $354 billion, or 13.1%. Year-to-date, MMF assets are up by $815 billion, or 11.9%, with Institutional MMFs up $500 billion, or 12.1% and Retail MMFs up $316 billion, or 11.5%. ICI's weekly release says, "Total money market fund assets increased by $10.74 billion to $7.67 trillion for the week ended Wednesday, December 17.... Among taxable money market funds, government funds increased by $11.30 billion and prime funds decreased by $2.32 billion. Tax-exempt money market funds increased by $1.75 billion." ICI's stats show Institutional MMFs increasing $9.5 billion and Retail MMFs increasing $1.2 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.302 trillion (82.2% of all money funds), while Total Prime MMFs were $1.218 trillion (15.9%). Tax Exempt MMFs totaled $146.5 billion (1.9%). It explains, "Assets of retail money market funds increased by $1.22 billion to $3.05 trillion. Among retail funds, government money market fund assets increased by $965 million to $1.92 trillion, prime money market fund assets decreased by $1.53 billion to $995.13 billion, and tax-exempt fund assets increased by $1.78 billion to $134.35 billion." Retail assets account for 39.8% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $9.52 billion to $4.62 trillion. Among institutional funds, government money market fund assets increased by $10.33 billion to $4.38 trillion, prime money market fund assets decreased by $792 million to $222.75 billion, and tax-exempt fund assets decreased by $24 million to $12.11 billion." Institutional assets accounted for 60.2% of all MMF assets, with Government Institutional assets making up 94.9% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $50.3 billion to $8.033 trillion month-to-date in December (as of 12/17), this past week they also hit a record high of $8.066 trillion on 12/11. Assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs 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 last December. 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.
Fed Publishes History of Money Funds
The Federal Reserve published a "History" piece on "Money Market Mutual Funds," which gives a nice basics and brief overview of the asset class. They write, "Money market mutual funds (MMMFs) arose in the 1970s. At the time, market interest rates were higher than the rates that commercial banks were permitted to pay on their deposits by federal banking regulation, spurring the growth of investment alternatives outside of banks including MMMFS. Since MMMFS are not banks, they developed largely outside of the sphere of Federal Reserve operations or regulations until the advent of severe financial crises in 2008 and 2020, when the Fed made emergency loans to support MMMFs and the broader economy. In addition, since 2013 the Fed has interacted with MMMFs regularly through open market operations in the context of implementing monetary policy." The Fed explains, "Money market funds began largely as a workaround to regulations that limited the interest rates depository institutions were allowed to pay depositors. These limits, known as Regulation Q, were required by federal law beginning in 1933 and were implemented by the Federal Reserve and other financial regulators. As interest rates rose in the 1970s, Regulation Q gave depositors an incentive to find short-term investments outside of the banking system, such as Treasury bills, commercial paper, and repurchase agreements. MMMFs offered consumers the ability to invest in those instruments with some additional conveniences, including the ability to withdraw funds at any time, diversify across instruments, choose any specific investment size, and economize on administrative expenses." They comment, "These basic forces led to the establishment of the first MMMF in 1972. The number of funds grew to 36 in 1975, 90 in 1980, and 649 in 1990. Officials at depository institutions such as banks expressed concern that they could not compete with the interest rates offered by MMMFs. At times in the 1970s, depository institutions lost substantial amounts of funds to MMMFs.... The Monetary Control Act of 1980 required the phasing out of regulations on saving deposit interest rates. Thus, the presence of MMMFs played a central role in the unwinding of these 1930s-era regulations." The article adds, "A seminal moment in the history of MMMFs came in September 2008, when the Reserve Primary Fund suffered losses on commercial paper issued by Lehman Brothers. Investors staged a run, which quickly spread to affect many other money market funds. Over $400 billion was withdrawn from prime MMMFs, i.e., those that invested not just in safe government debt but also in somewhat riskier assets such as commercial paper (Makhija 2025). MMMFs experienced a second major episode of severe runs in 2020 at the onset of the pandemic. To protect investors, the Securities and Exchange Commission issues ... [a] new rule ... in 1983, known as rule 2a-7. This rule, which has since been revised several times, has governed several practices at MMMFs, including limitations on the maturity, credit quality, and liquidity of MMMF investments (Investment Company Institute 2012). After the 2008 crisis, the SEC revised this rule to allow funds to impose gates or fees to stop runs. However, in practice, the potential for MMMFs to impose gates or fees exacerbated runs in 2020 rather than preventing them, and revisions in 2023 largely removed the gates and fees. Much MMMF activity has migrated into funds that can invest only in government securities, which are subject to less stringent regulation because of the relative safety of those investments."
Weekly Money Fund Portfolio Holdings
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 December 12) includes Holdings information from 62 money funds (up 8 from two weeks ago), or $4.101 trillion (up from $3.452 trillion) of the $8.057 trillion in total money fund assets (or 50.9%) 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 <i:https://cranedata.com/publications/money-fund-portfolio-holdings/details/2025-12-1/>`_and our `December 10 News, "Dec. Money Fund Portfolio Holdings: Assets, Treasuries and Repo Surge." ) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.988 trillion (up from $1.674 trillion two weeks ago), or 48.5%; Repurchase Agreements (Repo) totaling $1.447 trillion (up from $1.220 trillion two weeks ago), or 35.3%, and Government Agency securities totaling $370.3 billion (up from $329.5 billion two weeks ago), or 9.0%. Commercial Paper (CP) totaled $140.9 billion (up from $109.9 billion two weeks ago), or 3.4%. Certificates of Deposit (CDs) totaled $72.0 billion (up from $47.3 billion two weeks ago), or 1.8%. The Other category accounted for $42.8 billion or 1.0%, while VRDNs accounted for $39.2 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.988 trillion, Fixed Income Clearing Corp with $534.5B, the Federal Home Loan Bank with $216.3B, JP Morgan with $132.3B, RBC with $104.6B, Federal Farm Credit Bank with $91.0B, Citi with $84.8B, BNP Paribas with $84.5B, Wells Fargo with $76.4B and Barclays PLC with $48.8B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($323.0B), Goldman Sachs FS Govt ($283.1B), JPMorgan 100% US Treas MMkt ($282.8B), Fidelity Inv MM: Govt Port ($263.5B), State Street Inst US Govt ($208.4B), Morgan Stanley Inst Liq Govt ($193.7B), BlackRock Lq FedFund ($193.2B), Dreyfus Govt Cash Mgmt ($168.9B), BlackRock Lq Treas Tr ($164.6B) and Fidelity Inv MM: MM Port ($164.6B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Drop to 3.66%
Money fund yields (7-day, annualized, simple, net) decreased by 9 bps to 3.66% on average during the week ended Friday, December 12 (as measured by our Crane 100 Money Fund Index), after decreasing 3 bps the week prior. Fund yields should move lower in coming days as they digest the remainder of the Fed's Dec. 10 25 bps rate cut. Yields were 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 679), shows a 7-day yield of 3.57%, down 9 bps in the week through Friday. Prime Inst money fund yields were down 11 bps at 3.77% in the latest week. Government Inst MFs were down 10 bps at 3.67%. Treasury Inst MFs were down 7 bps at 3.62%. Treasury Retail MFs currently yield 3.39%, Government Retail MFs yield 3.37% and Prime Retail MFs yield 3.57%, Tax-exempt MF 7-day yields were up 25 bps to 2.25%. Assets of money market funds rose by $27.6 billion last week to $8.057 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $8.066 trillion on December 11. Month-to-date in December (through 12/12), MMF assets have increased $74.4 billion, after increasing by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January and $110.9 billion last December. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (12/12), 142 money funds (out of 789 total) yield under 3.0% with $180.8 billion in assets, or 2.2%; 639 funds yield between 3.00% and 3.99% ($7.829 trillion, or 97.2%), 8 funds yield between 4.0% and 4.99% ($47.4 billion, or 0.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more.`Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was down 1 bp at 0.31% <b:>`_, after falling 1 basis point four weeks prior. The latest Brokerage Sweep Intelligence, with data as of December 12, shows two changes over the past week. Fidelity lowered rates for accounts of $1K to $5M and greater to 1.82% and Schwab lowered rates for accounts of $1K to $5M and greater to 0.01%. Three of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
JPMorgan Treasury MM ETF Goes Live
A press release titled, "J.P. Morgan Asset Management Unveils New JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF)," states, "J.P. Morgan Asset Management ... announced the launch of the JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) on the NYSE Arca. JMMF is designed to offer investors current income, easy access to their funds, and low volatility of principal, while also providing the convenience and transparency of an ETF. As demand for active ETFs continues to grow, investors are seeking more strategies across asset classes that offer greater transparency and trading flexibility." Travis Spence, Global Head of ETFs at J.P. Morgan Asset Management, comments, "We're excited to introduce JMMF, which brings together exposure to U.S. Treasury Securities with the flexibility of an ETF. This launch underscores our commitment to delivering innovative, client-focused solutions and empowering investors to manage liquidity with confidence." The release says, "JMMF invests exclusively in U.S. Treasury obligations, including Treasury bills, bonds, and notes, offering investors a robust solution for managing short-term liquidity needs. The fund features weekly income distributions, providing more frequent access to income compared to traditional money market mutual funds, which typically distribute monthly." JPMAM adds, "The fund is managed by Robert Motroni, Christopher Mercy, and Christopher Tufts, who together average 22 years of industry experience. This team has successfully managed J.P. Morgan's 100% Treasury Securities strategy since its inception in 1991. JMMF is competitively priced at 16 basis points, giving clients access to U.S. Treasury Securities investments with the added flexibility and transparency of an ETF structure." CEO of Asset Management Americas and Head of the Global Liquidity business within JPM Asset Management John Donohue tells us, "JMMF gives investors a straightforward way to access U.S. Treasury Securities while benefiting from the convenience and transparency of the ETF structure. Our decades of experience managing Treasury strategies, combined with the ETF format, enable us to deliver a product that meets the evolving needs of investors seeking security, flexibility, and transparency in their cash management." For more on Money Market ETFs, see these Crane Data News stories: "State Street Files for Prime Money Market ETF; 7th MM ETF, 2nd Prime" (11/4/25), "Barron's on Money-Market ETFs; JPMorgan Says MF Assets Headed Higher" (10/20/25), "JPMorgan Files for Money Market ETF" (7/10/25), "BlackRock Money Market ETFs Go Live; Ondo Finance on Tokenized MMFs" (2/6/25), "VettaFi Discusses Money Market ETFs" (12/11/24), "Dec. MFI: Assets Break $7.0 Tril; Top 10 of 2024; BlackRock MM ETFs" (12/6/24), "BlackRock Debuts First Euro MM ETF" (12/5/24), "FT on BlackRock Money Market ETFs" (11/18/24), "November BFI: Bond Funds Hit by Election; ETF Trends MM Substitutes" (11/15/24), "BlackRock Files for Money Market ETFs" (11/12/24) and "Texas Capital Launches Govt MM ETF" (9/26/24).
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets increasing by $1.2 billion to a record $7.655 trillion after jumping by $86.8 billion the previous week. Assets have risen in 10 of the last 12 weeks and 18 of the past 21 weeks. MMF assets are up by $884 billion, or 13.1%, over the past 52 weeks (through 12/10/25), with Institutional MMFs up $527 billion, or 12.9% and Retail MMFs up $357 billion, or 13.3%. Year-to-date, MMF assets are up by $805 billion, or 11.7%, with Institutional MMFs up $490 billion, or 11.9% and Retail MMFs up $314 billion, or 11.5%. ICI's weekly release says, "Total money market fund assets increased by $1.19 billion to $7.66 trillion for the week ended Wednesday, December 10.... Among taxable money market funds, government funds increased by $862 million and prime funds increased by $2.41 billion. Tax-exempt money market funds decreased by $2.08 billion.” ICI's stats show Institutional MMFs increasing $3.2 billion and Retail MMFs decreasing $2.0 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.290 trillion (82.2% of all money funds), while Total Prime MMFs were $1.220 trillion (15.9%). Tax Exempt MMFs totaled $144.7 billion (1.9%). It explains, "Assets of retail money market funds decreased by $2.00 billion to $3.05 trillion. Among retail funds, government money market fund assets decreased by $2.01 billion to $1.92 trillion, prime money market fund assets increased by $1.34 billion to $996.66 billion, and tax-exempt fund assets decreased by $1.33 billion to $132.57 billion." Retail assets account for 39.8% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $3.19 billion to $4.61 trillion. Among institutional funds, government money market fund assets increased by $2.88 billion to $4.37 trillion, prime money market fund assets increased by $1.06 billion to $223.54 billion, and tax-exempt fund assets decreased by $750 million to $12.14 billion." Institutional assets accounted for 60.2% of all MMF assets, with Government Institutional assets making up 94.9% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $64.1 billion to $8.047 trillion month-to-date in December (as of 12/10), this past week they also hit a record high of $8.053 trillion on 12/9. Assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs 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 last December. 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.
Hong Kong Looks at Tokenizing MMFs
An article in a publication called Blockchain Magazine, titled, "HKMA Takes the Lead in Tokenizing Money Market Funds," explains, "The Hong Kong Monetary Authority (HKMA) has taken a significant step in the evolution of digital finance with the launch of the pilot phase of its tokenization project, dubbed EnsembleTX. This program moves beyond a theoretical proof-of-concept into real-value transactions. The primary objective is to test the tokenization of Money Market Funds (MMFs) and tokenized bank deposits, to integrate digital asset technology into the traditional financial system. This initiative is pivotal, positioning Hong Kong as a leading hub for digital asset innovation and establishing a potential blueprint for other financial centers in Asia." The piece states, "Tokenization offers several significant, verifiable improvements over traditional fund structures. Crucially, it promises instant settlement, replacing the current T+2 or longer cycles with near-real-time transfer of value and ownership.... The digital representation of fund shares also enables fractional ownership, making high-value assets more accessible to a wider investor base. This increase in accessibility, coupled with the potential for 24/7 trading inherent to blockchain technology, can boost the liquidity of tokenized assets. The transparent and immutable ledger also offers clearer visibility into fund operations and transaction histories for regulators and investors alike." The article adds, "The EnsembleTX pilot is an extension of the HKMA's broader Project Ensemble, which seeks to develop a new financial market infrastructure for digital transactions. Running throughout 2026, the pilot initially focuses on using tokenized deposits to settle tokenized MMF transactions and enhance real-time liquidity management. The HKD Real Time Gross Settlement (RTGS) system currently makes it possible for banks to settle with each other. In the future, the system will be upgraded to allow for 24/7 settlement utilizing tokenized Central Bank Money (CeBM).... Major global banks, including Standard Chartered, HSBC, and Bank of China (Hong Kong), are taking part, as are leading asset management firms like BlackRock and Franklin Templeton. The Securities and Futures Commission (SFC) is also very active, co-leading efforts in the asset management business to make sure that regulations are followed and the market stays stable. Tokenized deposits, which show bank debts on a distributed ledger, are very important for reaching atomic settlement."
State Street Inv. Mgmt. on Year-End
State Street Investment Management tells us to, "Brace for an unwelcome gift this year-end." Author William Goldthwait writes, "The US money markets have been juggling more moving parts than a Broadway stage crew this month. Repo markets remain the star of the show, with more and more collateral needing funding, cue the scramble for cash. The Fed's standing repo facility has seen some volume, as policymakers try to remove the stigma of tapping it (because apparently, even liquidity tools have reputations). Still, the market rates are calling for more intervention and most likely the Fed will have to step in with temporary open market operations to smooth volatility." He explains, "A major contributor to this need for funding is quantitative tightening and that's ending on December 1. The Fed will keep its balance sheet at its current size. It will continue to allow its MBS positions to roll off, approximately $15 bn per month, and it will take those proceeds and reinvest into the T-Bill market. This should provide some relief. As we head into December, expect normalization in repo markets, but don't rule out a few dramatic scenes around year-end." Goldthwait comments, "It appears the Federal Open Market Committee (FOMC) is poised to ease the policy rate by 25 bps at its December meeting -- a move that would cap 2025 with a total of 75 bps of cuts and a more accommodative stance. However, the Fed would be making this decision without the benefit of October and November's jobs data.... This adds an extra layer of uncertainty to the outlook, even as markets broadly welcome the prospect of lower rates." He adds, "Strategically, we're keeping things nimble and liquid -- because, in December, flexibility is the ultimate gift. Weighted average maturity (WAM) remains neutral to slightly long, but we will be opportunistic where spreads offer value, particularly in short-dated paper that helps us navigate liquidity needs. We continue to prioritize high-quality issuers and overnight instruments, ensuring the fund can handle any year-end surprises without breaking a sweat. Think of it as wearing sneakers to a holiday party: practical, but ready to move fast if the music changes. Liquidity management is front and center as we approach year-end, with repo market dynamics and client flows adding complexity. We are actively coordinating with clients on cash flows because nothing says 'festive stress' like a major cash flow on December 24th. Our approach is proactive, aiming to avoid last-minute scrambles and maintain strong liquidity buffers. In short, we're planning ahead!"
Money Fund Yields Fall Back to 3.75%
Money fund yields (7-day, annualized, simple, net) decreased by 3 bps to 3.75% on average during the week ended Friday, December 5 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps the week prior. Fund yields should move lower in coming days as they digest the remainder of the Fed's Oct. 29 25 bps rate cut (and then move lower again if we get a cut on Dec. 10). Yields were 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 679), shows a 7-day yield of 3.65%, down 3 bps in the week through Friday. Prime Inst money fund yields were down 2 bps at 3.88% in the latest week. Government Inst MFs were down 2 bps at 3.77%. Treasury Inst MFs were down 4 bps at 3.68%. Treasury Retail MFs currently yield 3.46%, Government Retail MFs yield 3.47% and Prime Retail MFs yield 3.67%, Tax-exempt MF 7-day yields were down 44 bps to 2.00%. Assets of money market funds rose by $46.8 billion last week to $8.029 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $8.053 trillion on December 4. Month-to-date in December (through 12/5), MMF assets have increased $46.8 billion, after increasing by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January and $110.9 billion last December. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (12/5), 133 money funds (out of 789 total) yield under 3.0% with $160.2 billion in assets, or 2.0%; 637 funds yield between 3.00% and 3.99% ($7.674 trillion, or 95.6%), 19 funds yield between 4.0% and 4.99% ($194.7 billion, or 2.4%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.32%, after falling 1 basis point three weeks prior. The latest Brokerage Sweep Intelligence, with data as of December 5, shows no changes over the past week. Three of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
OFR's "Sizing the U.S. Repo Market"
The U.S. Treasury's Office of Financial Research published a brief titled, "Sizing the U.S. Repo Market, which states, "According to new data collected by the OFR, the U.S. repurchase agreement (repo) market averaged about $12.6 trillion in daily exposures in Q3 2025, a number that is about $700 billion larger than previous estimates. The repo market is one of the world's largest and most important short-term funding markets, providing funding for securities dealers and serving as a cash management tool for banks. Despite this fundamental role, this market has historically had limited transparency." The update explains, "Following the 2008-09 financial crisis, regulators implemented measures to enhance market visibility by collecting both balance sheet and transaction-level repo data. To eliminate a data gap within the largest market segment, in December 2024, the Office of Financial Research (OFR) launched a collection initiative focused on transaction-level data for non-centrally cleared bilateral repo (NCCBR). With the data fully on board as of July 2025, researchers can now produce a transaction-based estimate of the U.S. repo market's size for the first time, marking a significant advancement in financial market transparency." It continues, "Of the $12.6 trillion in daily average exposures in Q3 2025, $4.4 trillion was centrally cleared by the Fixed Income Clearing Corporation with another $3.1 trillion settled on Bank of New York Mellon's (BNY's) tri-party platform (excluding centrally cleared). NCCBR accounted for the remaining $5.0 trillion." The piece tells us, "The OFR's data on the U.S. repo market has increased over time as data gaps have been closed.... Data on tri-party repo settled by BNY are collected by the Federal Reserve Bank of New York and available from 2015. Data on cleared repo segments (from the OFR cleared repo collection) are available beginning in 2018. From 2021-24, use of the Federal Reserve's overnight reverse repo facility (ON RRP) first increased and then declined. The OFR's new NCCBR collection occurred in two phases. The first phase of the collection began in December 2024 and includes data collected from SEC registered broker-dealers. The second phase that began in July 2025 includes a broader set of financial institutions. The OFR's unique data offers rich detail on repos for each market segment, including information on counterparties, rates, tenor, and underlying collateral. In Q3 2025, 69.4% of repo exposures were collateralized by U.S. Treasuries.... The mix of collateral varies by segment. In Q3 2025, U.S. Treasuries collateralized 88.9% of exposures in the cleared repo segments, but only 61.8% of NCCBR exposures and just over half (52.6%) of the exposures in tri-party." The article adds, "Data from the OFR NCCBR collection are intended to be incorporated into the OFR's Short-term Funding Monitor (STFM), which provides daily data on a wide range of U.S. repo market transactions."
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets jumping by $86.8 billion to $7.654 trillion after increasing by $45.5 billion to $7.567 trillion last week (the previous record high). Assets have risen in 9 of the last 11 weeks, and 17 of the past 20 weeks. MMF assets are up by $883 billion, or 13.0%, over the past 52 weeks (through 12/3/25), with Institutional MMFs up $525 billion, or 12.9% and Retail MMFs up $358 billion, or 13.3%. Year-to-date, MMF assets are up by $804 billion, or 11.7%, with Institutional MMFs up $487 billion, or 11.8% and Retail MMFs up $316 billion, or 11.6%. ICI's weekly release says, "Total money market fund assets increased by $86.82 billion to $7.65 trillion for the eight-day period ended Wednesday, December 3.... Among taxable money market funds, government funds increased by $81.79 billion and prime funds increased by $2.78 billion. Tax-exempt money market funds increased by $2.25 billion." ICI's stats show Institutional MMFs increasing $69.7 billion and Retail MMFs increasing $17.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.289 trillion (82.2% of all money funds), while Total Prime MMFs were $1.218 trillion (15.9%). Tax Exempt MMFs totaled $146.8 billion (1.9%). It explains, "Assets of retail money market funds increased by $17.12 billion to $3.05 trillion. Among retail funds, government money market fund assets increased by $12.10 billion to $1.92 trillion, prime money market fund assets increased by $3.61 billion to $995.31 billion, and tax-exempt fund assets increased by $1.41 billion to $133.90 billion." Retail assets account for 39.9% of the total, and Government Retail assets make up 63.0% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $69.70 billion to $4.60 trillion. Among institutional funds, government money market fund assets increased by $69.69 billion to $4.37 trillion, prime money market fund assets decreased by $828 million to $222.48 billion, and tax-exempt fund assets increased by $834 million to $12.89 billion." Institutional assets accounted for 60.1% of all MMF assets, with Government Institutional assets making up 94.9% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $63.4 billion to a record $8.046 trillion month-to-date in December (as of 12/3). Assets increased by $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July, $6.7 billion in June and $100.9 billion in May. MMFs 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 last December. 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.
Irish Funds Posts Tokenisation Paper
Another press release, "Irish Funds Publishes New Paper: Mind the Gap – Operational Considerations for the Tokenisation of Irish-Domiciled Funds," explains, "The accelerating pace of digital innovation is reshaping the investment landscape, and fund tokenisation is emerging as a transformative development for the industry. Irish Funds has released a new paper, Mind the Gap: Operational Considerations for the Tokenisation of Irish-Domiciled Funds, exploring the practical steps and challenges involved in bringing tokenised funds to market." The release says, "Tokenisation offers significant potential to enhance transparency, efficiency, and accessibility across fund and asset management. What was once limited to pilots and proofs of concept has now evolved into real-world adoption. In fact, global tokenised real-world assets (RWA) exceeded $36 billion in 2025, a remarkable increase from near-zero just a few years ago—driven by major asset managers launching tokenised products." It adds, "As the industry continues to evolve, collaboration between market participants, regulators, and technology providers is critical to bridge operational gaps and unlock the full value proposition of fund tokenisation. Irish Funds remains committed to supporting its members and the wider industry on this transformative journey. Irish Funds extends its gratitude to the Digital Assets Working Group and the Irish Funds Council for their invaluable contributions." The full paper says, "Ireland is a leading EU domicile for fund products notably in the money market funds (MMFs) space, in private asset strategies and has been at the forefront of innovation for exchange-traded funds (ETFs). Ireland offers a robust regulatory framework, global distribution reach, and operational expertise. Tokenisation, through the use of DLT, presents a transformative opportunity for funds by enabling faster settlement, enhanced transparency, and unlocking innovative and new functionality opportunities. For ETFs, tokenisation can streamline trading and improve liquidity, MMFs may benefit from real-time cash management and automated compliance, while private asset funds can unlock greater liquidity of traditionally illiquid assets and all may benefit from future expanded utility."
Weekly Money Fund Portfolio Holdings
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 November 28) includes Holdings information from 54 money funds (down 6 from a week ago), or $3.452 trillion (down from $3.846 trillion) of the $7.982 trillion in total money fund assets (or 43.2%) 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 November 13 News, "Nov. Money Fund Portfolio Holdings: Treasuries Jump; Repo Inches Down." ) Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.674 trillion (down from $1.892 trillion a week ago), or 48.5%; Repurchase Agreements (Repo) totaling $1.220 trillion (down from $1.267 trillion a week ago), or 35.3%, and Government Agency securities totaling $329.5 billion (up from $327.9 billion a week ago), or 9.5%. Commercial Paper (CP) totaled $109.9 billion (down from $173.4 billion a week ago), or 3.2%. Certificates of Deposit (CDs) totaled $47.3 billion (down from $85.8 billion a week ago), or 1.4%. The Other category accounted for $35.9 billion or 1.0%, while VRDNs accounted for $35.6 billion or 1.0%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.674 trillion, Fixed Income Clearing Corp with $407.2B, the Federal Home Loan Bank with $188.0B, RBC with $95.0B, JP Morgan with $94.7B, BNP Paribas with $84.8B, Federal Farm Credit Bank with $84.0B, Citi with $78.7B, Wells Fargo with $68.1B and Bank of America with $42.0B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($328.3B), JPMorgan 100% US Treas MMkt ($280.9B), Goldman Sachs FS Govt ($278.9B), Fidelity Inv MM: Govt Port ($261.6B), State Street Inst US Govt ($202.1B), Morgan Stanley Inst Liq Govt ($191.4B), Fidelity Inv MM: MM Port ($166.8B), Dreyfus Govt Cash Mgmt ($159.0B), Allspring Govt MM ($142.0B) and First American Govt Oblg ($121.0B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Money Fund Yields Increase to 3.78%
Money fund yields (7-day, annualized, simple, net) increased by 2 bps to 3.78% on average during the week ended Friday, November 28 (as measured by our Crane 100 Money Fund Index), after falling 2 bps the week prior and 3 bps two weeks prior. Fund yields should move lower in coming days as they digest the remainder of the Fed's Oct. 29 25 bps rate cut (and then move lower again if we get a cut on Dec. 10). Yields were 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.10% on 5/31, 4.13% on 4/30/25, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 679), shows a 7-day yield of 3.68%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 4 bps at 3.90% in the latest week. Government Inst MFs were up 3 bps at 3.79%. Treasury Inst MFs were up 1 bp at 3.72%. Treasury Retail MFs currently yield 3.49%, Government Retail MFs yield 3.49% and Prime Retail MFs yield 3.69%, Tax-exempt MF 7-day yields were up 13 bps to 2.44%. Assets of money market funds rose by $71.8 billion last week to $7.982 trillion, according to Crane Data's Money Fund Intelligence Daily. MMF assets hit a record high of $7.982 trillion on November 28. Month-to-date in November (through 11/28), MMF assets have increased $132.8 billion, after increasing by $142.1 billion in October, $105.2 billion in September, $132.0 billion in August, $63.7 billion in July, $6.7 billion in June, $100.9 billion in May, decreasing $24.4 billion in April, increasing by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December and $200.5 billion last November. Weighted average maturities were at 39 days for the Crane MFA and 40 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (11/28), 125 money funds (out of 789 total) yield under 3.0% with $154.1 billion in assets, or 1.9%; 631 funds yield between 3.00% and 3.99% ($7.378 trillion, or 92.4%), 33 funds yield between 4.0% and 4.99% ($450.8 billion, or 5.6%) and following the recent rate cut there continue to be zero funds yielding 5.0% or more. Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.32%, after falling 1 basis point two weeks prior. The latest Brokerage Sweep Intelligence, with data as of November 28, shows no changes over the past week. Three of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch and Morgan Stanley.
DWS Tax-Ex Port Svc Liquidates
A filing for the DWS Tax Exempt Portfolio - Service Shares tells us, "Upon the recommendation of DWS Investment Management Americas, Inc. (the 'Advisor'), the investment advisor for DWS Tax-Exempt Portfolio (the 'Fund'), the Board of Trustees of Cash Account Trust has authorized, on behalf of the Fund, the termination and liquidation of Service Shares, a share class of the Fund (the 'Class'), which will be effective on or about November 25, 2025 (the 'Liquidation Date'). Accordingly, the Fund will redeem all outstanding Class shares on the Liquidation Date. The costs of the liquidation, including the notification to shareholders, will be borne by the Fund but reimbursed by the Advisor, after taking into account applicable voluntary or contractual expense caps then in effect by the Advisor to waive or reimburse certain operating expenses of the Fund." It explains, "Shareholders who elect to redeem their Class shares prior to the Liquidation Date will receive the net asset value per share (normally, $1.00) on such redemption date for all Class shares they redeem. Shareholders whose Class shares are redeemed automatically on the Liquidation Date will receive the net asset value per share (normally, $1.00) for all Class shares they own on the Liquidation Date." For more on recent liquidations, see these Crane Data News stories: "MassMutual U.S. Govt MMF Liquidates" (9/26/25), "DWS CAT Tax-Exempt Svc Liquidating" (9/23/25), "Ramirez Liquidates Money Fund; Weekly Holdings; ICI Holdings Summary" (4/16/25), "ICI: Money Fund Assets Break Over $6.5 Trillion; BNY Liquidates Muni MF" (10/25/24) and "Dreyfus Files to Liquidate Cash Management Prime Inst MMF, Tax Exempt" (5/13/24).
