ICI published its latest weekly "Money Market Fund Assets" report Thursday. The weekly series shows money fund assets falling $​4.​1 billion to $​6.​908 trillion, after rising $​31.​7 billion the week prior and falling $​125.​4 billion two weeks ago (these massive tax outflows were the largest weekly outflow in history). Money fund assets have still risen in 25 of the last 39, and 36 of the last 54 weeks, increasing by $​604.​9 billion (​or 9.​6%) since the Fed cut on 9/​18/​24 and increasing by $​931.​0 billion (​or 15.​6%) since 4/​24/​24. MMF assets are up by $​907 billion, or 15.​1%, in the past 52 weeks (​through 4/​30/​25), with Institutional MMFs up $​470 billion, or 13.​1% and Retail MMFs up $​437 billion, or 18.​1%. Year-​to-​date, MMF assets are still up by $​58 billion, or 0.​8%, with Institutional MMFs down $​57 billion, or -​1.​4% and Retail MMFs up $​115 billion, or 4.​2%. ICI'​s weekly release says, "Total money market fund assets decreased by $​4.​12 billion to $​6.​91 trillion for the week ended Wednesday, April 30.... Among taxable money market funds, government funds decreased by $​6.​11 billion and prime funds decreased by $​1.​55 billion. Tax-​exempt money market funds increased by $​3.​54 billion." ICI'​s stats show Institutional MMFs decreasing $​0.​2 billion and Retail MMFs decreasing $​3.​9 billion in the latest week. Total Government MMF assets, including Treasury funds, were $​5.​637 trillion (​81.​6% of all money funds), while Total Prime MMFs were $​1.​131 trillion (​16.​4%). Tax Exempt MMFs totaled $​140.​6 billion (​2.​0%). It explains, "Assets of retail money market funds decreased by $​3.​92 billion to $​2.​85 trillion. Among retail funds, government money market fund assets decreased by $​7.​90 billion to $​1.​80 trillion, prime money market fund assets increased by $​732 million to $​920.​84 billion, and tax-​exempt fund assets increased by $​3.​24 billion to $​128.​57 billion." Retail assets account for well over a third of total assets, or 41.​3%, and Government Retail assets make up 63.​2% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $​194 million to $​4.​06 trillion. Among institutional funds, government money market fund assets increased by $​1.​79 billion to $​3.​84 trillion, prime money market fund assets decreased by $​2.​28 billion to $​210.​22 billion, and tax-​exempt fund assets increased by $​299 million to $​11.​99 billion." Institutional assets accounted for 58.​7% of all MMF assets, with Government Institutional assets making up 94.​5% of all institutional MMF totals. According to Crane Data'​s separate Money Fund Intelligence Daily series, money fund assets have fallen by $​24.​4 billion in April (​through 4/​30/​25) to $​7.​299 trillion, hitting a record high of $​7.​384 trillion on April 3. Assets rose by $​2.​8 trillion in March, $​94.​2 billion in February, $​52.​8 billion in January, $​110.​9 billion in December, $​200.​5 trillion in November, $​97.​5 billion in October, $​149.​8 billion in September, $​109.​7 billion in August, $​16.​6 billion in July, $​15.​7 billion in June and $​91.​4 billion in May. They declined by $​15.​8 billion in April 2024. Note that ICI'​s asset totals don'​t include a number of funds tracked by the SEC and Crane Data, so they'​re over $​330 billion lower than Crane'​s asset series.

A website CryptoSlate posted an article titled, "BlackRock unveils blockchain-​enabled shares for $​150B money market fund." It says, "BlackRock, the world'​s largest asset manager, has made additional moves to incorporate blockchain technology into its traditional finance operations. According to an April 28 filing with the US Securities and Exchange Commission (​SEC), the firm seeks approval to introduce a blockchain-​enabled share class, referred to as '​DLT Shares,' tied to its $​150 billion [​BlackRock Liquidity Funds: Treasury Trust] money market fund." According to the filing, The Bank of New York Mellon (​BNY Mellon) will manage the sale of these shares and maintain a mirrored record of ownership using blockchain technology." The filing states, "DLT Shares may also be purchased by BlackRock Advisors, LLC or its affiliates. Although the Fund does not currently employ blockchain technology or invest in crypto assets, DLT Shares are expected to be purchased and held through BNY, which intends to use blockchain technology to maintain a mirror record of share ownership for its customers." The CryptoSlate piece continues, "Meanwhile, the minimum investment for this new share class is $​3 million. The fund will allocate its assets across US Treasury securities, including bills, notes, and similar obligations. It will focus on short-​term investments, maintaining a dollar-​weighted average maturity of no more than 60 days and an average life of under 120 days." It adds, "BlackRock'​s latest move reflects its increasing interest in blockchain technology, especially following the success of its Bitcoin and Ethereum exchange-​traded funds (​ETFs) and BUIDL fund. Notably, BlackRock is already utilizing these ideas through its blockchain-​native BUIDL fund, which was launched in partnership with Securitize in 2024. The fund manages over $​2.​5 billion in tokenized assets and has expanded operations to several blockchain networks, including Solana, Avalanche, and Ethereum layer-​2 networks like Optimism."

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