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The Central Bank of Ireland published, "DLT & Tokenisation in Financial Services" recently, which states, "Distributed Ledger Technology (​DLT) has the potential to have profound implications for the financial system. The integration of DLT into mainstream finance presents clear potential benefits for providers and users of financial services, but also challenges that need to be managed. Understanding how tokenisation interacts with existing financial infrastructures, legal frameworks, forms of money and settlement, and market practices is therefore critical to ensuring that innovation supports and effects positive change, while maintaining monetary and financial stability, consumer protection and market integrity. The Central Bank of Ireland is issuing this Discussion Paper (​DP) to stimulate informed dialogue on the future role of DLT and tokenisation applications within the Irish and European financial services ecosystem."

It explains, "We believe DLT and tokenisation -- if enabled and deployed correctly -- can change the financial system for the better, including by helping the EU deliver on its objectives to integrate and deepen its financial markets. Our aim here is to engage stakeholders -- including market participants, technologists, academics, innovators, investors, consumers, peers and policymakers -- to examine the implications of DLT for financial market functioning. We also want to use this DP to help inform our view on how the potential benefits of this technology can be realised, and the risks managed. Given the borderless nature of the technology, we also are closely engaged with the European Central Bank (​ECB), the European Commission (​EC), the European Supervisory Authorities (​ESAs), International Organisation of Securities Commissions (​IOSCO) and the Bank for International Settlements (​BIS)."

Discussing Money Market Funds, the paper says, "​Money market funds (​MMFs) are closely linked to short-​term funding markets and rely on highly standardised instruments and settlement processes. Tokenised MMFs (​TMMFs) are beginning to warrant attention given their rapid growth and potential. As at the end of 2023, TMMFs had roughly $​770 million in assets. By end December 2025, that figure had climbed to almost $​10 billion. In a future state, MMF units representing ownership of fund share tokens may be natively issued on-​chain without a parallel traditional infrastructure acting as the actual ledger of record. There is also a potential that tokenisation changes some of the underlying uses of MMFs. For example, there is ongoing exploration by market participants as to whether TMMF units could be accepted as eligible collateral by CCPs or bilateral counterparties, subject to conservative haircuts and concentration limits."

It continues, "Tokenising MMFs for use as collateral could materially improve the efficiency and responsiveness of collateral management, while also introducing new risk transmission channels. This should be supported by robust governance, legal clarity and supervisory oversight, essential to ensure that any efficiency gains do not undermine liquidity resilience or financial stability. Tokenisation could also lead to closer inter-​linkages and associated fragility with the crypto-​asset markets. Early signs of these are being observed, with tokenised MMFs increasingly being used as stablecoin reserve assets or collateral for crypto related transactions. Throughout this section, we outline illustrative use cases to support reflection on the potential benefits of different types of fund tokenisation, as well as the risks that will need to managed effectively."

Discussing "Potential Use Cases for MMFs," they write, "Use Case 1: MMF units are issued or represented in tokenised form on a permissioned DLT platform and are eligible for use as collateral in secured transactions, such as margining arrangements, securities financing transactions, or intraday liquidity facilities, subject to applicable eligibility criteria. Tokenisation could enable MMF units -- already widely used as cash management and liquidity instruments -- to be mobilised as collateral with greater operational speed, precision and transparency, while remaining subject to the requirements of Regulation (​EU) 2017/​1131 (​MMF Regulation)."

On "Operational Arrangements," the CBI comments, "MMF units would be issued as tokens on a permissioned ledger operated by regulated entities, including the fund administrator and transfer agent. The ledger serves as the primary record of investor ownership, with token transfers subject to embedded eligibility and compliance rules. Investors would access the fund through regulated distributors, and the depositary retains oversight of asset custody and cash flows. Tokenised MMF units would be held in digital wallets operated by regulated entities (​e.​g. credit institutions, investment firms or financial market infrastructures)."

Among the "Benefits," they include: "Improved collateral mobility and efficiency, allowing MMF units to be mobilised rapidly and precisely; Reduced operational risk through automation of margining and collateral management processes; Enhanced transparency and auditability of collateral positions for counterparties and authorities; and, Potential reduction in liquidity buffers required for operational reasons, subject to risk controls."

Regarding "Key Risks and Supervisory Considerations," the paper states, "Liquidity and procyclicality risks: Increased use of MMFs as collateral could amplify liquidity stress at a systemic level during periods of market tension, particularly if rapid margin calls or collateral substitution occur. Valuation and data dependency risks: Reliance on oracles for NAV and liquidity data introduces new operational and governance dependencies. Legal certainty and enforceability: Clear recognition of security interests over tokenised MMF units across jurisdictions. Operational resilience: Robust governance of the DLT infrastructure supporting collateral management, including stress scenarios. Interconnectedness: Potential for tighter linkages between short term funding markets, collateral markets and DLT infrastructures."

It adds, "MMF Regulation: Continued compliance with liquidity thresholds, valuation rules and portfolio constraints; assessment of implications for MMF liquidity management tools. MiFID II/​SFTR: Applicability to collateralised transactions and reporting obligations. DORA: Relevance for ICT risk management and oversight of critical third-​party service providers, including oracle operators. DLT Pilot Regime: Possible relevance where collateral mobilisation occurs via DLT-​based market infrastructures."

The CBI cites, "Use Case 2: Natively Issued Tokenised MMFs with Automated Subscription and Redemption - enhanced automation with potential implications for liquidity management. MMF units are issued natively on a permissioned DLT platform, with subscriptions and redemptions processed through smart contracts. The MMF remains within a controlled and regulated environment, but key operational processes are increasingly automated. This model is particularly relevant for MMFs used as treasury management or cash-​equivalent instruments by institutional investors."

Finally, more "Key Risks and Supervisory Considerations," include: "Liquidity management risk: Accelerated redemption capabilities could amplify first-​mover advantage dynamics. Run risk and procyclicality: Automation may increase the speed of investor reactions in stressed conditions. Governance of smart contracts, particularly regarding suspension of redemptions or activation of liquidity management tools. Consistency with MMF Regulation safeguards, including fees, gates and liquidity buffers."

In related news, a release titled, "FCA and Bank of England set out shared vision for ​tokenisation in UK ​wholesale markets," states, "UK financial firms can adopt tokenisation and distributed ledger technology (​DLT) with greater confidence, as the Financial Conduct Authority (​FCA) and the Bank of England set out a shared vision and seek industry views on the future of UK wholesale markets. Tokenisation is the process of creating a digital representation of a real-​world asset -- such as a share, bond or unit of currency -- on a digital ledger. It has the potential to streamline wholesale markets, making everything from issuing securities to managing assets faster and more efficient. Along with greater functionality this could support market efficiency and resilience while lowering costs."

Simon Walls, executive director of markets at the FCA, comments, "Tokenisation has the potential to transform wholesale markets -- reshaping how assets are issued, traded and settled. We want to support firms in adopting this technology to lower costs, reduce risk and unlock new services, and our partnership with the Bank of England will ensure a common approach across all parts of wholesale markets. Today we are setting out the principles of a shared long-​term vision to give industry the clarity it needs to engage, invest and innovate with confidence. UK markets have always embraced new technology, and that will be central to ensuring the UK remains at the forefront of global wholesale markets."

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A press release titled, "Moody'​s Ratings assigns Aaa-​mf assessment to BlackRock'​s BUIDL fund," tells us, "Moody'​s Ratings (​Moody'​s) has assigned an Aaa-​mf assessment to BlackRock USD Institutional Digital Liquidity Fund Ltd. (​BUIDL or the "​Fund"), a tokenized liquidity fund that seeks to maintain a net asset value of $​1.​00 per share. The Fund aims to preserve principal and provide liquidity to investors on demand by investing 100% of its assets in cash, short-​term US Treasury instruments and repurchase agreements secured by such obligations. The Fund limits its investments to securities with maturities of 93 days or less."

Moody'​s tells us, "This Aaa-​mf assessment reflects our view that the Fund will have a very strong ability to meet its objectives of preserving capital and providing liquidity on demand. The Fund'​s ability to meet these objectives is supported by the high credit quality and short duration of the assets in BUIDL'​s investment portfolio. We believe that the operational and technology risks that BUIDL is exposed to from tokenization and the digital asset ecosystem are well mitigated given its operational processes, legal structure, quality of its infrastructure and service providers, and furthermore the high credit quality and liquidity of its investment portfolio."

They continue, "Specifically, title and ownership of the shares maintained by the transfer agent supersedes the records maintained on the blockchain in the event of any discrepancy; and synchronization between traditional and blockchain records are performed on a continuous basis throughout the day. Additionally, all subscriptions and redemptions into the Fund are processed with fiat US dollars."

The release comments, "BUIDL'​s assets under management (​AUM), which is currently approximately $​2.​3 billion, experienced periods of high volatility since the fund'​s inception and we would expect that may continue going forward. The primary driver of the AUM volatility is that the investors in BUIDL are participants in the digital asset ecosystem which often experiences high volatility in asset pricing and flows, which leads to the participants redeeming from BUIDL. Furthermore, BUIDL'​s investor base does have concentration in its top three shareholders, which increases liquidity risk. The shareholder concentration and the volatility in BUIDL'​s net flows are well mitigated given the high liquidity and credit quality of BUIDL'​s investment portfolio of short term US Treasury obligations."

It adds, "BUIDL is a limited company excepted from the definition of '​investment company' under the Investment Company Act pursuant to Section 3(​c)(​7) of that Act domiciled in the British Virgin Islands. While it is not a regulated money market fund, Moody'​s assesses BUIDL under its Money Market Fund Assessment Framework. The rationale is that BUIDL'​s investment objectives of preservation of principal and provision of liquidity to investors upon demand, are principally consistent with that of a money market fund. Furthermore, we expect the fund'​s manager, BlackRock Financial Management, Inc., will manage BUIDL in a fashion similar to its Aaa-​mf rated 2a-​7 US Treasury money market funds."

A separate release, "Moody'​s Ratings assigns Aaa-​mf assessment to Fidelity International'​s tokenized liquidity fund," states, "Moody'​s Ratings (​Moody'​s) has assigned an Aaa-​mf assessment to USD Digital Liquidity Fund SP (​the "​Fund"), a digitally native liquidity fund, part of Fidelity International Strategies Funds SPC, a segregated portfolio company domiciled in the Cayman Islands. This fund is managed by FIL Investments International."

It says, "The Fund issues tokenized units, which are digital representation of units in the Fund registered on a public blockchain. The Fund is designed for institutional investors and has no direct exposure to stablecoins or any other crypto assets. The Fund will offer near-​instant liquidity and 24/​7 redemptions, subject to available liquidity."

Moody'​s writes, "The assignment of the Aaa-​mf assessment reflects our view that the Fund will have a very strong ability to meet its objectives of capital preservation and high liquidity. This is supported by the fact that it will follow the same investment strategy as the Aaa-​mf-​assessed Irish-​domiciled low-​volatility net asset value (​LVNAV) fund, Fidelity Institutional Liquidity Fund plc - US Dollar fund. Although the Cayman Islands regulatory regime does not incorporate a formal money market fund classification, the Fund'​s investment strategy, liquidity management practices, and governance framework will be aligned with the European Union regulation applicable to LVNAV funds, including the active monitoring and management of daily and weekly liquidity buffers."

They also tell us, "The Fund'​s weighted average maturity will be below 60 days, and we expect the Fund to maintain a very strong liquidity profile. The Fund will hold a significant portion of its assets in overnight deposits and maintain at least 10% of assets maturing daily and 30% maturing weekly. As a result, we anticipate the Fund will have very low exposure to market risk. We expect that modest shareholder concentration risk during the Fund'​s ramp-​up period will diminish as the Fund grows in size and its shareholder base diversifies."

The second release says, "The Fund is intended to provide enhanced operational flexibility, including the ability to offer near-​instant liquidity and 24/​7 redemptions through a waterfall of liquidity features. Such instant liquidity is not guaranteed and is subject to available liquidity. Redemption requests submitted outside market hours that cannot be met will be queued and processed in order once market hours resume. In addition, where liquidity is provided outside market hours, the Fund will charge redeeming investors a redemption fee. Given that both the queuing mechanism and the liquidity fee are clearly and transparently disclosed in the prospectus, we will not lower the Fund'​s assessment if they are activated outside market hours. However, any suspension of liquidity or application of liquidity fees during market hours would result in a lower assessment."

It explains, "The Fund issues tokenized units, which represent investors' economic interests, which will initially be recorded on the Ethereum public blockchain and subsequently on ZKsync. Legal ownership of shares is reflected in an authoritative off chain register maintained by the Transfer Agent (​Apex Fund Services (​Malta) Limited). The service providers participating in the tokenization value chain possess relevant expertise in institutional digital asset transaction processing."

Moody'​s comments, "Tokenization does not alter the nature of the Fund'​s underlying assets or the Fund'​s regulatory framework as it provides a digital representation of ownership that coexists with conventional record-​keeping. Subscriptions and redemptions can be processed either on-​chain through select stablecoins or off-​chain in U.​S. dollars through standard banking rails for approved investors. This arrangement enhances resilience by ensuring uninterrupted operations in the event of blockchain malfunctions or outages. As with other tokenized instruments, the structure introduces additional operational and technological risks. The Fund'​s legal ownership framework operates independently of the blockchain layer, ensuring that investor rights are not contingent on distributed ledger functionality. Furthermore, the permissioned nature of the smart contracts limits token interaction to approved participants only, reducing exposure to operational, governance and compliance risks."

Finally, Moody'​s also published, "USD Digital Liquidity Fund SP," which says, "Fidelity'​s new 24 hour liquidity fund will attract digital investors, bring new risks On 6 May 2026, asset manager Fidelity International launched the first money market fund (​MMF) that allows investors to redeem their money 24 hours a day rather than just during market hours. The tokenized fund is likely to attract institutional investors in digital assets, expanding Fidelity International'​s customer base. However, it will also expose the company to new operational risks that will require robust management. The Cayman Islands-​domiciled USD Digital Liquidity Fund SP, the first prime tokenized MMF assessed at Aaa-​mf by Moody'​s, resembles a classic EU low volatility net asset value (​LVNAV) money market fund in its investment objectives and asset quality."

For more on Tokenized Money Market Funds, see these recent Crane Data News stories: "JPMAM Launches 2nd Tokenized MMF" (​5/​14/​26), "BlackRock Files for Tokenized MMFs" (​5/​11/​26), "Northern Talks Tokenization, Deposits" (​4/​22/​26), "Earnings: JP Morgan Talks AI Cash Allocation Tool; BNY on Tokenization" (​4/​20/​26), "Invesco to Manage SuperState Tokenized USTB; Weekly MF Port Holdings" (​3/​25/​26), "OMFIF on Tokenised Money Funds" (​3/​18/​26), "Federated'​s Donahue Talks Tokenized Money Funds; Yields Dip to 3.​47%" (​3/​17/​26), "Northern Trust A.​M. Launches Tokenized Treasury Digital Enabled Shares" (​3/​3/​26), "BNP Paribas Debuts Tokenized MMF" (​2/​23/​26), "Western Adds Tokenized MMF Class" (​1/​14/​26), "Boston Fed Paper Examines Vulnerabilities of MM ETFs, Tokenized MMFs" (​1/​7/​26), "More from Irish Funds' Tokenization Paper; Decrypt Explains Stablecoins" (​12/​29/​25), "JPMAM Liquidity Insight: Tokenization Transforming Money Market Funds" (​12/​24/​25), "Amundi Tokenises Shares of EUR MMF" (​12/​22/​25), "JP Morgan Launches Tokenized MMF, My OnChain Net Yield Fund (​MONY)" (​12/​17/​25), "Bank for International Settlements Primer on Tokenized Money Funds" (​12/​2/​25), "TD Securities Writes on Stablecoins, Tokenized Money Funds, Digital" (​11/​5/​25), "NY Fed Blog Says Money Funds Dominate Tokenization To Date; Stability?" (​9/​25/​25), "IMMFA on Tokenization of MMFs in Europe; Tether USDT; Fidelity Digital" (​9/​22/​25), and "BNY'​s LiquidityDirect Portal Announces Plans to Tokenize Money Funds" (​7/​24/​25).

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The SEC published its latest quarterly "Private Funds Statistics" report recently, which summarizes Form PF reporting and includes some data on "Liquidity Funds," or pools which are similar to but not money market funds. The publication shows overall Liquidity fund assets were higher in the latest reported quarter (​Q3'​25) at $​414 billion (​up from $​389 billion in Q2'​25 and up from $​369 billion in Q3'​24). We also again briefly review the SEC'​s "Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers" which went into effect almost two years ago, below.

The SEC'​s "Introduction" tells us, "This report provides a summary of recent private fund industry statistics and trends, reflecting data collected from Form PF and Form ADV filings received through March 13, 2026, for the reporting periods from Third Calendar Quarter 2023 through Third Calendar Quarter 2025... Form PF information provided in this report are anonymized, and are aggregated, rounded, and/​or masked to avoid potential disclosure of proprietary information of individual Form PF filers." (Note: Crane Data believes the largest portion of these liquidity fund assets are securities lending reinvestment pools.)

The tables in the SEC'​s "Private Funds Statistics: Third Calendar Quarter 2025," with the most recent data available, show 74 Liquidity Funds (​most of which are "Section 3 Liquidity Funds," which are Liquidity Funds from advisers with over $​1 billion total in cash), up 1 from last quarter and down 3 from a year ago. (​There are 55 Section 3 Liquidity Funds out of the 74 Liquidity Funds.) The SEC receives Form PF reports from 34 Liquidity Fund advisers (​24 of which are Section 3 Liquidity Fund advisers), up 1 from last quarter and down 5 from a year ago.

The SEC'​s table on "​Aggregate Private Fund Net Asset Value" shows total Liquidity Fund assets at $​414 billion, up $​25 billion from Q2'​25 and up $​45 billion from a year ago (​Q3'​24). Of this total, $​415 billion is in Section 3 (​large manager) Liquidity Funds. The SEC'​s table on "​Aggregate Private Fund Gross Asset Value" shows total Liquidity Fund assets at $​420 billion, up $​18 billion from Q2'​25 and up $​39 billion from a year ago (​Q3'​24). Of this total, $​421 billion in is Section 3 (​large manager) Liquidity Funds.

A table on "Beneficial Ownership for Section 3 Liquidity Funds" shows $​104 billion is held by Unknown Non-​U.​S. Investors (​25.​1%), $​79 billion is held by Other (​19.​0%), $​58 billion is held by Private Funds (​14.​0%), $​30 billion is held by SEC-​Registered Investment Companies (​7.​2%), $​16 billion is held by Insurance Companies (​3.​9%), $​12 billion is held by Pension Plans (​2.​9%), $​4 billion is held by Non-​U.​S. Individuals (​1.​0%), $​4 billion is held by Non-​Profits (​1.​0%) and $​2 billion is held by State/​Municipal Government Pension Plans (​0.​5%).

The tables also show that 61.​1% of Section 3 Liquidity Funds have a liquidation period of one day, $​387 billion of these funds may suspend redemptions, and $​349 billion of these funds may have gates. WAMs average a short 36.​0 days (​48.​4 days when weighted by assets), WALs are 54.​0 days (​72.​1 days when asset-​weighted), and 7-​Day Gross Yields average 3.​9% (​3.​9% asset-​weighted). Daily Liquid Assets average about 57.​2% (​49.​0% asset-​weighted) while Weekly Liquid Assets average about 61.​7% (​60.​7% asset-​weighted).

As we'​ve mentioned before, in July 2023, when the SEC'​s Money Market Fund Reforms were passed, these also included "​Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers." The release explains, "Separately, the amendments will also modify certain reporting forms that are applicable to money market funds and large private liquidity funds advisers."

The "Fact Sheet" explains, "In addition, the Commission adopted amendments to Form PF, the confidential reporting form for certain SEC-​registered investment advisers to private funds, to require additional information regarding the liquidity funds they advise that is generally aligned with the amended reporting for money market funds. These amendments were proposed by the Commission in January 2022."

The full final rules tell us, "The Commission is also amending Form PF, the confidential reporting form for certain SEC-​registered investment advisers to private funds to require additional information regarding the liquidity funds they advise. Liquidity funds are private funds that seek to maintain a stable NAV (​or minimize fluctuations in their NAVs) and thus can resemble money market funds. The amendments to section 3 of Form PF will provide a more complete picture of the short-​term financing markets in which liquidity funds invest and enhance the Commission'​s and the Financial Stability Oversight Council'​s ('​FSOC') ability to assess short-​term financing markets and facilitate our oversight of those markets and their participants. This, in turn, is designed to enhance investor protection efforts and systemic risk assessment. `​We have consulted with FSOC to gain input on these amendments to help ensure that Form PF continues to provide FSOC with information it can use to assess systemic risk."

It adds, "In a January 2022 release proposing amendments to Form PF, the Commission proposed changes to section 3 of Form PF that were intended to require large liquidity fund advisers to report substantially the same information that the Commission had proposed money market funds to report on Form N-​MFP. The proposed amendments to section 3 of Form PF included requirements for additional and more granular information regarding large liquidity fund operational information and assets, portfolio holdings, financing, and investor information as well as a new item concerning the disposition of portfolio securities. Consistent with the final amendments to Form N-​MFP, we are adopting largely as proposed the amendments to section 3 of Form PF, with some modifications to better tailor the reporting to private liquidity funds and remain consistent with the final requirements for money market funds under amended Form N-​MFP."

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The European Commission recently published, a "Report on the Adequacy of the Money Market Funds Regulation from a Prudential and Economic Point of View." The paper explains, "The Money Market Funds Regulation (​the MMF Regulation) entered into force in 2018 and set out a comprehensive framework for EU money market funds (​MMFs). It recognises their major role in financing the economy, in particular short-​term funding to public authorities and corporates, and meeting investors' need. EU MMFs offer a liquid, well-​regulated investment tool that contributes to meeting the objectives of the Savings and Investments Union." (​See Friday'​s News, "European Money Fund Assets Inch Down to $​​1.​​67 Tril; MFI Intl Holdings," which comments, "​The FCA, which regulates markets in the U.​​K., published a policy paper titled, 'Reforms to Money Market Fund Regulations.'"

The EC'​s Summary says, "The MMF Regulation includes safeguards that aim to strengthen MMF resilience, which is essential for investors' trust in the product. The Commission'​s 2023 MMF Report found that the framework is broadly effective in reducing liquidity risks and identified certain aspect of the liquidity risks requiring further assessment. This report presents the results of the complementary analytical work carried out on liquidity risks, and the conclusions on better MMF resilience."

It continues, "MMFs are diverse and experience varying levels of liquidity shocks based on their type (​variable, low volatility or constant net asset value – VNAVs, LVNAVs and CNAVs, respectively), currency, investors and uses. Due to these differences, MMFs keep liquidity reserves above the required minima, considering the specific characteristics of each fund and their stress test outcomes. This cautious approach by MMF managers can be explained by investor scrutiny (​enabled by transparency rules in the MMF Regulation), regulatory supervision and concern over reputational risks."

The EC states, "MMFs have demonstrated their capacity to reconstitute liquidity buffers even during periods of market stress, reflecting active liquidity risk management and effective supervisory oversight. This suggests that the different mechanisms set out in the MMF Regulation have been implemented consistently, under the coordination of the European Securities and Markets Authority (​ESMA)."

They tell us, "This report has assessed the resilience of weekly liquid assets (​WLAs), which is considered a useful WLA benchmarks for liquidity risk management and supervision. Based on extensive data analysis, this report concludes that the appropriate WLA benchmark levels ('​market resilience levels') are 20% for VNAV MMFs and 40% for CNAV and LVNAV MMFs. The Commission therefore believes that these market resilience levels may serve as benchmarks for MMF managers, in particular in risk management roles, and national competent authorities, to help identify situations that may warrant closer monitoring and increased supervisory engagement."

The paper'​s Introduction says, "​MMFs play a key role in the financial system as cash management tools for corporates and an opportunity for investors looking for low volatility investment with higher returns than bank deposits. The increase in EU MMF assets in the last five years (+​45% from 2019 to 2024) demonstrates the success of the framework. In the EU, 455 MMFs held about EUR 1.​95 trillion in total assets at the end of 2024. EU MMFs are mainly established in Ireland, Luxembourg and France. As a result, EU MMFs offer a regulated investment tool that contributes to diversify investment opportunities and risk management, in line with the objectives of the Savings and Investments Union (​SIU). They also provide additional funding options for EU businesses, enabling them to grow, innovate and create jobs."

It continues, "In 2018, the MMF Regulation came into force and laid down a comprehensive regulatory and supervisory framework for EU MMFs that '​provide short-​term finance to financial institutions, corporations and governments [​and] contribute to the financing of the economy of the Union' (​recital 1 of the MMF Regulation). The AIFMD and UCITS Directive have been revised to introduce a strengthened and more harmonised framework for liquidity risk management, notably through the requirement for managers to select and implement at least one liquidity management tool from a prescribed list. Applicable from 16 April 2026, this framework enhances consistency across funds and reinforces overall financial stability."

The report also tells us, "The MMF Regulation provides a harmonised framework to strengthen the sector'​s resilience and mitigate systemic risk, with provisions covering, among other things, eligible assets, portfolio composition, valuation, risk management, leverage prohibition, transparency and reporting. The portfolio composition requirements are a central pillar of the MMF Regulation. These include provisions aiming to ensure MMFs' liquidity, such as provisions on liquidity buffers and provisions describing the role and duties of the MMF manager (​such as maturity limits and credit quality, see below). The different types of EU MMFs and their key characteristics and regulatory requirements are set out in Table 1. It shows the minimum regulatory thresholds for daily and weekly liquid assets (​DLA and WLA) that MMFs must hold. The minimum thresholds in the MMF Regulation are intended to ensure, together with other safeguards, that MMFs can meet investor redemptions over time."

It adds, "In 2023, the Commission published a report (​the 2023 MMF Report) showing that '​the MMF Regulation successfully passed the test of liquidity stress experienced by MMFs during the COVID-​19 related market turmoil of March 2020, the recent interest rate increases, and related financial asset repricing.' Although the report concluded that the framework has been broadly able to ensure the sector'​s resilience, it highlighted certain aspects of liquidity risk management that needed further assessment to ensure that MMFs are resilient."

Finally, they write, "As a follow-​up to the 2023 MMF Report, this report assesses the functioning of MMFs based on extensive analytical work and draws on multiple data sources and consultations to examine how liquidity risks are managed. It assesses how MMFs respond to liquidity shocks and how managers mitigate liquidity risk, particularly through liquidity buffers. This report presents key findings on the assessment of MMF liquidity management (​Section 2) and an analysis of appropriate market resilience levels (​Section 3). The annexes provide a more in-​depth technical analysis of these topics."

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Crane Data'​s latest Money Fund Intelligence International shows that assets in European or "​offshore" money market mutual funds decreased slightly over the past 30 days to $​1.​670 trillion, decreasing from a record high $​1.​672 trillion the month prior. Yields were mixed, while assets for USD, EUR and GBP MMFs all inched lower over the past month. Like U.​S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026. These U.​S.-​style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, decreased by $​10.​0 billion over the 30 days through 5/​13. The totals are up $​85.​3 billion (​5.​4%) year-​to-​date for 2026. They were up $​151.​9 billion (​10.​6%) for 2025, up $​235.​3 billion (​19.​7%) for 2024 and up $​166.​9 billion (​16.​2%) for the year 2023. (​Note that currency moves in the U.​S. Dollar cause Euro and Sterling totals to shift when they'​re translated back into totals in USD. See our latest MFI International for more on the "​offshore" money fund marketplace. These funds are only available to qualified, non-​U.​S. investors and are almost entirely institutional.) (Note too: Mark your calendars for our next European Money Fund Symposium, which will be held Sept. 24-​25 in Paris, France.)

Offshore US Dollar money funds decreased $​9.​4 billion over the last 30 days and are up $​39.​0 billion YTD to $​875.​0 billion; they increased $​92.​3 billion in 2025. Euro funds decreased E142 million over the past month. YTD, they'​re up E24.​6 billion to E355.​0 billion, for 2025, they increased by E12.​6 billion. GBP money funds decreased L7.​0 billion over 30 days, and they'​re up L6.​6 billion YTD at L279.​7B, for 2025, they rose L18.​5 billion. U.​S. Dollar (​USD) money funds (​318) account for over half (​52.​4%) of the "​European" money fund total, while Euro (​EUR) money funds (​231) make up 25.​0% and Pound Sterling (​GBP) funds (​211) total 22.​6%. We summarize our latest "​offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (​which went out to subscribers Thursday), below.

Offshore USD MMFs yield 3.​57% (​7-​Day) on average (​as of 5/​13/​26), down 1 bp from a month earlier. Yields averaged 4.​20% on 12/​30/​22 and 0.​03% on 12/​31/​21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 1.​97% on average, up 3 bps from a month ago and up from 1.​48% on 12/​30/​22 and -​0.​80% on 12/​31/​21. Meanwhile, GBP MMFs broke above the 5.​0% barrier 33 months ago, but they broke back below 5.​0% 22 months ago. They now yield 3.​74%, up 2 bp from a month ago, and up from 3.​17% on 12/​30/​22. Sterling yields were 0.​01% on 12/​31/​21.

Crane'​s May MFI International Portfolio Holdings, with data as of 4/​30/​26, show that European-​domiciled US Dollar MMFs, on average, consist of 29% in Commercial Paper (​CP), 17% in Certificates of Deposit (​CDs), 26% in Repo, 15% in Treasury securities, 11% in Other securities (​primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 47.​4% of their portfolios maturing Overnight, 6.​0% maturing in 2-​7 Days, 7.​9% maturing in 8-​30 Days, 7.​6% maturing in 31-​60 Days, 8.​2% maturing in 61-​90 Days, 13.​5% maturing in 91-​180 Days and 9.​4% maturing beyond 181 Days. USD holdings are affiliated with the following countries: France (​25.​6%), the U.​S. (​10.​9%), Canada (​9.​6%), Japan (​9.​5%), the Netherlands (​5.​9%), Germany (​5.​7%), the U.​K. (​5.​3%), Belgium (​4.​5%), Australia (​4.​2%) and Finland (​3.​9%).

The 10 Largest Issuers to "​offshore" USD money funds include: the US Treasury with $​133.​1B (​15.​4%), Fixed Income Clearing Corp with $​38.​3B (​4.​4%), JP Morgan with $​33.​8B (​3.​9%), Wells Fargo with $​29.​9B (​3.​5%), Barclays PLC with $​24.​6B (​2.​8%), Credit Agricole with $​24.​4B (​2.​8%), Nordea Bank with $​20.​7B (​2.​4%), Toronto-​Dominion Bank with $​20.​5B (​2.​4%), RBC with $​19.​9B (​2.​3%) and Australia & New Zealand Banking Group Ltd with $​17.​1B (​2.​0%).

Euro MMFs tracked by Crane Data contain, on average 36% in CP, 22% in CDs, 15% in Other (​primarily Time Deposits), 24% in Repo, 2% in Treasuries and 1% in Agency securities. EUR funds have on average 40.​5% of their portfolios maturing Overnight, 8.​0% maturing in 2-​7 Days, 10.​1% maturing in 8-​30 Days, 10.​0% maturing in 31-​60 Days, 11.​1% maturing in 61-​90 Days, 12.​3% maturing in 91-​180 Days and 8.​1% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (​48.​0%), Italy (​6.​9%), Supranational (​6.​5%), Belgium (​6.​0%), the U.​S. (​4.​9%), Canada (​4.​3%), Japan (​4.​3%), Germany (​4.​1%), the Netherlands (​2.​7%) and the U.​K. (​2.​4%).

The 10 Largest Issuers to "​offshore" EUR money funds include: Credit Agricole with E16.​8B (​5.​4%), BNP Paribas with E14.​3B (​4.​6%), JP Morgan with E12.​0B (​3.​9%), ING Bank with E10.​7B (​3.​5%), Agence Central de Organismes de Securite Sociale with E8.​9B (​2.​9%), Republic of France with E8.​7B (​2.​8%), Mizuho Corporate Bank Ltd with E8.​4B (​2.​7%), Societe Generale with E8.​3B (​2.​7%), Bank of Nova Scotia with E8.​1B (​2.​6%) and Nordea Bank with E7.​8B (​2.​5%).

The GBP funds tracked by MFI International contain, on average (​as of 4/​30/​26): 36% in CDs, 20% in CP, 22% in Other (​Time Deposits), 19% in Repo, 2% in Treasury and 1% in Agency. Sterling funds have on average 36.​9% of their portfolios maturing Overnight, 8.​9% maturing in 2-​7 Days, 10.​0% maturing in 8-​30 Days, 8.​3% maturing in 31-​60 Days, 11.​4% maturing in 61-​90 Days, 13.​7% maturing in 91-​180 Days and 10.​8% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (​16.​6%), France (​15.​9%), the U.​K. (​13.​1%), Japan (​11.​5%), the U.​S. (​9.​9%), Australia (​8.​0%), the Netherlands (​4.​9%), Singapore (​3.​9%), Finland (​3.​1%) and Sweden (​2.​8%).

The 10 Largest Issuers to "​offshore" GBP money funds include: UK Treasury with L14.​7B (​5.​6%), RBC with L13.​9B (​5.​3%), BNP Paribas with L11.​2B (​4.​3%), Bank of Nova Scotia with L8.​0B (​3.​1%), Toronto-​Dominion Bank with L7.​9B (​3.​0%), Sumitomo Mitsui Trust Bank with L7.​6B (​2.​9%), Credit Agricole with L7.​4B (​2.​8%), National Australia Bank Ltd with L7.​3B (​2.​8%), Nordea Bank with L7.​3B (​2.​8%) and JP Morgan with L6.​9B (​2.​6%).

In related news, the FCA, which regulates markets in the U.​K., published a policy paper titled, "Reforms to Money Market Fund Regulations." It states, "Money market funds (​MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors, including asset managers, insurers, pension funds, large corporates and local authorities. However, recent periods of market stress have highlighted the need to strengthen the resilience of these funds. The Government, together with the Financial Conduct Authority (​FCA) and the Bank of England, have worked actively with international partners, including with the European Commission and at the Financial Stability Board, to enhance MMF resilience so these funds are better able to withstand market disruption."

The post explain, "As part of this, the Government and FCA committed to reforming the UK Money Market Fund Regulation (​MMFR) regime, to ensure the UK'​s regulatory framework appropriately supports the resilience of these markets while maintaining our international competitiveness. These reforms mark an important step forward in enhancing the resilience of the wider non-​bank financial sector."

It continues, "In 2023, HM Treasury and FCA consulted on replacing and reforming MMFR. The Government will now lay legislation as soon as parliamentary time allows to establish the new regulatory framework, under which most requirements for UK MMFs will be set out in FCA rules and guidance. This will include guidance setting out expectations that UK MMFs hold higher levels of liquidity. This approach reflects internationally developed proposals that the UK helped to shape alongside other jurisdictions. The Government and the FCA also welcomed feedback from across the sector to help develop a proportionate set of proposals that will enhance the resilience of Money Market Funds."

The update adds, "The UK'​s new regime is expected to be in place by Q4 2026, subject to Parliamentary approval, and the FCA will issue a statement shortly with further details on its plans. The Government recognises the cross-​border nature of this sector, and the important role that EU domiciled MMFs play in the UK market. In March, at the Joint EU-​UK Financial Regulatory Forum, the UK and EU recognised the value of constructive engagement on the practices that will enhance the resilience of our respective MMF sectors. The Government therefore welcomes the report published by European Commission on 11 May that sets out their expectations for these funds. The Government can confirm its intention to extend the Temporary Marketing Permissions Regime, with a view to establishing a longer-​term solution on market access, in line with the UK'​s framework and process for recognition of overseas firms and funds." (​Watch for excerpts of the European Commission'​s "Report on the adequacy of the Money Market Funds Regulation from a prudential and economic point of view" in tomorrow'​s News.)

​

The May issue of our Bond Fund Intelligence, which was sent to subscribers Thursday a.​m., features the articles, "All About the Munis After April 15: Inflows, ETFs, Steep Curve," which reviews recent commentary on the tax-​exempt bond market; and "ICI'​s 2026 Fact Book Reviews '​25 Bond Fund Trends, Flows," which excerpts from the latest Investment Company Institute statistics compilation. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns rebounced in April while yields inched higher. We excerpt from the new issue below. (Contact us if you'​d like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.)

BFI'​s lead article states, "Just before and right after April 15, we normally see a spate of articles on municipal or tax exempt bonds and bond funds. A recent Vanguard piece, 'After Tax Day: A Fresh Look at Municipal Bonds,' quotes from Paul Malloy, Vanguard Head of Municipals, in a recent Kiplinger'​s interview. It states, 'April and Tax Day have a way of sharpening perspective. Even for those who planned ahead, a tax bill can inspire revised portfolio positioning for the years ahead.... Malloy argues that today’​s municipal bond market deserves consideration. After a period when higher short-​term yields drew attention to cash-​like strategies, longer-​dated municipal bonds are quietly offering something different: meaningfully higher income, attractive relative value, and tax-​advantaged returns that can compound over time.'"

It continues, "​The article says, 'One of the defining features of the current environment is the steepness of the municipal yield curve. Investors willing to extend maturity are being paid materially more to do so. It'​s a dynamic that, Malloy argues, stands out both historically and relative to taxable alternatives. For investors focused on after-​tax outcomes rather than near-​term yield alone, that steepness matters.'"

Our "Fact Book" article states, "​ICI'​s new '2026 Investment Company Fact Book' contains a review of the bond fund marketplace in 2025 and a wealth of statistics on bond funds. They write, 'Net inflows into bond funds remained strong in 2025 at $​1.​3 trillion.... Investor expectations that central banks would continue lowering benchmark interest rates likely drove this demand. Monetary policy is important because when interest rates fall, bond prices rise, and vice versa. As such, fixed-​income investors stand to gain from a reduction in interest rates. Historically, net flows of bond funds have been related to bond returns.... Hence, in a falling rate environment, investors may move more assets into bond funds.'"

It continues, "​ICI'​s section on 'Bond Mutual Funds' ... explains, 'Bond mutual fund net new cash flows typically are correlated with the performance of US bonds ..., which, in turn, is largely driven by the US interest rate environment. In 2025, the 10-​year Treasury yield exhibited marked volatility with an overall downward trend, concluding the year at 4.​2%. This movement was primarily influenced by the Federal Reserve'​s interest rate cuts, as well as evolving expectations regarding inflation, the labor market, and economic growth.'"

Our first News brief, "Returns Rebound, Yields Up in April," states, "Bond fund returns jumped in April after declining in March. Yields inched higher. Our BFI Total Index rose 0.​76% over 1-​month and rose 5.​39% over 12 months. (​Money funds rose 3.​88% over 1-​year as measured by our Crane 100 Index.) The BFI 100 increased 0.​62% in April and rose 5.​15% over 12 mos. Our BFI Conservative Ultra-​Short Index was up 0.​38% over 1-​month and 4.​40% for 1-​year; Ultra-​Shorts rose 0.​44% and 4.​58%. Short-​Term rose 0.​51% and 4.​28%, and Intm-​Term increased 0.​42% in April and rose 4.​84% over 12 mos. BFI'​s Long-​Term Index was up 0.​45% and 4.​80%. High Yield rose 1.​07% in April and 8.​02% over 12 mos."

A second News brief, "Federated Hermes Publishes, 'Bond Markets Change the Classic Narrative,' states, "​Portfolio Manager Karen Manna writes, 'Fixed income investors have no shortage of choices. At the center of it all, though, sits the '​risk-​free rate' -- US Treasurys.... What has been striking so far this year, however, is less about where Treasury yields are outright, and more about how they are behaving.... Instead of a classic risk-​off bid into Treasurys, markets have leaned in a different direction. The dominant response has been '​inflation on,' not '​risk off.'"

Another brief says, "CNBC Says, 'JPMorgan'​s Head of Fixed Income ... Rising Rates Could be Next Big Market Threat.' JPM'​s Bob Michele comments, '​The central banks have made it clear that they'​ve got to be vigilant against inflation. But I think we have to accept that the bond market'​s gone through a lot of repricing. If I look at the 10-​year treasury, can it get 100 basis points away from the Fed funds rate in a neutral environment? Yeah, that puts you at 4.​625%. So that'​s 20 basis points from here. It'​s not at 5%.'"

A BFI sidebar, "Morningstar on Best Shorts," says, "Morningstar writes that, 'Investors Are Flocking to Shorter-​Term Bond Funds. These Are The Best Ones.' They comment, 'When it comes to bonds, investors are going short. Very short. According to the latest flows data, investors are specifically flocking to mutual funds and exchange-​traded funds in the ultrashort bond category. In fact, March was a historic month for ultrashort-​bond funds, which attracted their largest monthly inflow on record, $​24 billion, representing over 85% of ... inflows.'"

Finally, another sidebar, "Vanguard'​s New BondBuilder," states, "​A press release titled, 'Vanguard Launches BondBuilder Model Portfolio Suite,' explains, 'Vanguard ... announced the launch of a new suite of model portfolios constructed using Vanguard Target Maturity Corporate Bond ETFs (​TMEs or BondBuilder TMEs), a lineup of 10 index ETFs designed to help investors build more precise and customizable fixed income portfolios.'"

​

Crane Data is ramping up preparations for its big show, Money Fund Symposium, which will take place June 24-​26, 2026 at The Hyatt Regency Jersey City, in Jersey City, NJ. The full agenda for the largest gathering of money market fund managers and cash investors in the world is now available and registrations are still being taken. Crane'​s Money Fund Symposium attracts money fund managers, marketers and servicers, cash investors, money market securities dealers, issuers, and regulators. (​We had over 680 attendees last year and expect a similarly robust crowd this year.) We review the details on MFS, as well as Crane Data'​s other 2026 conferences, below.

Our Money Fund Symposium lineup kicks off on Wednesday, June 24 with a "Keynote: Money Funds Stay Hot (& Cool) in '​26" featuring Chris Tufts of J.​P. Morgan Asset Management. The rest of the Day 1 Agenda includes: "World Cup of MMF Markets: Ireland vs. France" with Joseph Madrid of Invesco and Alastair Sewell of Aviva Investors & Chair, IMMFA; "Repo Developments: RRP, FICC & Platforms," with Joseph Abate of SMBC, Travis Keltner of State Street and Dina Marchioni of the Federal Reserve Bank of New York; and, a "Major Money Fund Issues 2026" panel with moderator Peter Crane of Crane Data, Deborah Cunningham of Federated Hermes, Rob Sabatino of UBS Asset Management and John Tobin of BNY Investments Dreyfus. The evening'​s reception is sponsored by J.​P. Morgan.

Day 2 of Money Fund Symposium 2026 begins with "Stablecoin Reserves & Tokenized Money Funds," with moderator Brenden Carroll of Dechert LLP, Adam Ackermann of Paxos, Teresa Ho of J.​P. Morgan Securities and Rob Zambarano of Ripple; followed by a "Senior Portfolio Manager Perspectives" panel with moderator Robert Callagy of Moody'​s Ratings, Todd Bean of State Street Investment Management, Doris Grillo of J.​P. Morgan Asset Management and Nafis Smith of Vanguard. Next up is "Treasury & Government Money Fund Issues," with Mike Bird of Allspring Global Investments, Geoff Gibbs of DWS Group and Tom Katzenbach of the U.​S. Department of the Treasury. The morning continues with a "Muni & Tax Exempt Money Fund Update," featuring David Elmquist of J.​P. Morgan Securities, Cameron Ullyatt of Charles Schwab Investment Management and John Vetter of Fidelity Investments.

The Afternoon of Day 2 (​after a Dreyfus-​sponsored lunch) features the segments: "Money & Market Update: New York Fed'​s View" with John Williams of the Federal Reserve Bank of New York; "Treasury Clearing Issues, Impact on Repo, T-​Bills" with Mark Cabana of BofA Securities, Laura Klimpel of DTCC and Nathaniel Wuerffel of BNY; "Money Market & Ultra-​Short ETFs" with Bob Cousart of BlackRock, Jon-​Luc Dupuy of K&​L Gates LLP and Jerome Schneider of PIMCO; and "Dealer'​s Choice: Supply, New Securities & CP" with moderator Dan LaRocco of Northern Trust, Rob Crowe of Citi Global Markets, Stewart Cutler of Barclays and Tyan Yun of J.​P. Morgan Securities. (​The Day 2 reception is sponsored by Barclays.)

The third day of the Symposium features the sessions: "Strategists Speak '​26: Rates, More Repo, Supply" with Sam Earl of Barclays, Gennadiy Goldberg of TD Securities and Ian Lyngen of BMO Capital Markets; "Ultra-​Shorts, LGIPs, SMAs & Alt-​Cash Options" with Peter Gargiulo of Fitch Ratings, Marty Margolis of Public Funds Investment Institute and Jeffrey Rowe of PFM Asset Management; "Investors, Portals & Distribution Topics" with Ed Baldry of Tradeweb ICD Portal and Vanessa McMichael of Wells Fargo Securities; and, "State of the Money Fund Industry" with Peter Crane of Crane Data and Michael Masih of S&​P Global Ratings.

Visit the Money Fund Symposium website at www.​cranesmfsymposium.​com for more information. Registration is $​1,​000, but unfortunately our hotel block is now sold out. (​Rooms are still available nearby, in downtown Manhattan, or at Newark Airport. But you'​re on your own!) We hope you'​ll join us in Jersey City in June! E-​mail us at info@​cranedata.​com to request the full brochure.

Mark your calendars for our next European Money Fund Symposium, which is scheduled for Sept. 24-​25, 2026, in Paris, France. European Money Fund Symposium offers "​offshore" money fund portfolio managers, and money market investors, issuers, dealers and service providers a concentrated and affordable educational experience, as well as an excellent and informal networking venue. Our mission is to deliver the best possible conference content and experience at an affordable price. Attendee registrations for our 2026 European Money Fund Symposium are $​1,​000 (​USD).

Finally, mark your calendars for our next Crane'​s Money Fund University, which is scheduled for Dec. 17-​18 in Greenwich, Conn., and for our next Bond Fund Symposium, which is tentatively scheduled for March 18-​19, 2027 in Philadelphia, Pa. Let us know if you'​d like more details on any of our events, and we hope to see you in Jersey City in June, in Paris in September or in Greenwich in December 2026. Thanks again for your patience and support and we hope to see you next month!

​

Crane Data'​s May Money Fund Portfolio Holdings, with data as of April 30, 2026, show that holdings of Treasuries declined while Repo increased. Money market securities held by Taxable U.​S. money funds (​tracked by Crane Data) decreased by $​105.​9 billion to $​7.​969 trillion in April, after decreasing $​103.​0 billion in March, increasing $​113.​2 billion in February, but decreasing $​54.​6 billion in January. Holdings assets increased $​231.​8 billion in December, $​134.​3 billion in November, $​158.​4 billion in October, $​56.​1 billion in September, $​166.​6 billion in August, $​17.​6 billion in July, $​84.​0 billion in June and $​72.​0 billion last May. Treasuries, the largest portfolio composition segment, declined by $​266.​2 billion. Repo, the second largest segment, increased $​51.​5 billion in April. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/​Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (​Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)

Among taxable money funds, Treasury securities decreased $​266.​2 billion (-​7.​8%) to $​3.​154 trillion, or 39.​6% of holdings, after increasing $​19.​2 billion in March, increasing $​26.​8 billion in February, decreasing $​135.​2 billion in January, but increasing $​44.​8 billion in December, $​67.​4 billion in November, and $​180.​5 billion in October. Repurchase Agreements (​repo) rose by $​51.​5 billion (​1.​8%) to $​2.​975 trillion, or 37.​3% of holdings, in April, after decreasing $​69.​4 billion in March, increasing $​43.​5 billion in February and decreasing $​33.​5 billion in January. Repo increased $​156.​0 billion in December and $​69.​5 billion in November, but decreased $​6.​0 billion in October. Government Agency Debt was up $​90.​7 billion, or 8.​3%, to $​1.​183 trillion, or 14.​8% of holdings. Agencies were flat in March (​down $​2.​6 billion), increased $​28.​4 billion in February, $​60.​5 billion in January, and $​22.​9 billion in December. Repo, Treasuries and Agency holdings now total $​7.​312 trillion, representing 91.​8% of all taxable holdings.

Money fund holdings of CP fell while CDs and Other (​mainly Time Deposits) rose in April. Commercial Paper (​CP) decreased $​5.​0 billion (-​1.​7%) to $​286.​0 billion, or 3.​6% of holdings. CP holdings decreased $​23.​3 billion in March, decreased $​4.​3 billion in February, increased $​39.​3 billion in January, and decreased $​26.​7 billion in December. Certificates of Deposit (​CDs) increased $​2.​7 billion (​1.​3%) to $​202.​6 billion, or 2.​5% of taxable assets. CDs decreased $​4.​5 billion in March, decreased $​2.​5 billion in February, increased $​23.​2 billion in January, and decreased $​0.​7 billion in December. Other holdings, primarily Time Deposits, increased $​20.​4 billion (​15.​5%) to $​151.​7 billion, or 1.​9% of holdings, after decreasing $​22.​9 billion in March, increasing $​21.​0 billion in February, decreasing $​8.​7 billion in January, and increasing $​34.​5 billion in December. VRDNs were flat at $​16.​9 billion, or 0.​2% of assets. (​Note: This total is VRDNs for taxable funds only. We will post our Tax Exempt MMF holdings separately Tuesday around noon.)

Prime money fund assets tracked by Crane Data decreased to $​1.​348 trillion, or 16.​9% of taxable money funds' $​7.​969 trillion total. Among Prime money funds, CDs represent 15.​0% (​up from 14.​5% a month ago), while Commercial Paper accounted for 21.​2% (​up from 21.​1% a month ago). The CP totals are comprised of: Financial Company CP, which makes up 12.​6% of total holdings, Asset-​Backed CP, which accounts for 6.​5%, and Non-​Financial Company CP, which makes up 2.​1%. Prime funds also hold 0.​7% in US Govt Agency Debt, 13.​6% in US Treasury Debt, 14.​0% in US Treasury Repo, 1.​6% in Other Instruments, 7.​5% in Non-​Negotiable Time Deposits, 11.​3% in Other Repo, 13.​6% in US Government Agency Repo and 1.​0% in VRDNs.

Government money fund portfolios totaled $​4.​301 trillion (​54.​0% of all MMF assets), down from $​4.​353 trillion in March, while Treasury money fund assets totaled another $​2.​315 trillion (​29.​1%), down from $​2.​320 trillion the prior month. Government money fund portfolios were made up of 27.​2% US Govt Agency Debt, 18.​2% US Government Agency Repo, 28.​4% US Treasury Debt, 25.​6% in US Treasury Repo, 0.​4% in Other Instruments. Treasury money funds were comprised of 75.​5% US Treasury Debt and 24.​4% in US Treasury Repo. Government and Treasury funds combined now total $​6.​616 trillion, or 83.​0% of all taxable money fund assets.

European-​affiliated holdings (​including repo) increased by $​94.​2 billion in April to $​705.​1 billion; their share of holdings rose to 8.​9% from last month'​s 7.​6%. Eurozone-​affiliated holdings increased to $​490.​8 billion from last month'​s $​438.​5 billion; they now account for 6.​2% of overall taxable money fund holdings. Asia & Pacific related holdings were up at $​326.​0 billion (​4.​1% of the total) from last month'​s $​308.​6 billion. Americas related holdings decreased to $​6.​934 trillion from last month'​s $​7.​151 trillion; they now represent 87.​0% of holdings.

The overall taxable fund Repo totals were made up of: US Treasury Repurchase Agreements (​up $​35.​8 billion, or 2.​0%, to $​1.​853 trillion, or 23.​3% of assets); US Government Agency Repurchase Agreements (​up $​9.​0 billion, or 0.​9%, to $​966.​8 billion, or 12.​1% of total holdings), and Other Repurchase Agreements (​up $​6.​7 billion, or 4.​5%, to $​154.​5 billion, or 1.​9% of holdings). The Commercial Paper totals were comprised of Financial Company Commercial Paper (​down $​9.​1 billion to $​169.​9 billion, or 2.​1% of assets), Asset-​Backed Commercial Paper (​down $​0.​3 billion to $​87.​8 billion, or 1.​1%), and Non-​Financial Company Commercial Paper (​up $​4.​4 billion to $​28.​2 billion, or 0.​4%).

The 20 largest Issuers to taxable money market funds as of April 30, 2026, include: the US Treasury ($​3.​154T, 39.​6%), Fixed Income Clearing Corp ($​1.​156T, 14.​5%), Federal Home Loan Bank ($​839.​1B, 10.​5%), JP Morgan ($​351.​5B, 4.​4%), Citi ($​215.​0B, 2.​7%), Federal Farm Credit Bank ($​212.​7B, 2.​7%), Wells Fargo ($​163.​2B, 2.​0%), RBC ($​155.​2B, 1.​9%), BNP Paribas ($​143.​7B, 1.​8%), Bank of America ($​101.​5B, 1.​3%), Barclays PLC ($​91.​6B, 1.​1%), Credit Agricole ($​88.​4B, 1.​1%), Goldman Sachs ($​82.​7B, 1.​0%), Sumitomo Mitsui Banking Corp ($​82.​2B, 1.​0%), the Federal National Mortgage Association ($​63.​5B, 0.​8%), Federal Home Loan Mortgage Corp ($​62.​7B, 0.​8%), Toronto-​Dominion Bank ($​57.​4B, 0.​7%), Mitsubishi UFJ Financial Group Inc ($​57.​2B, 0.​7%), Canadian Imperial Bank of Commerce ($​57.​1B, 0.​7%) and Societe Generale ($​54.​6B, 0.​7%).

In the repo space, the 10 largest Repo counterparties (​dealers) with the amount of repo outstanding and market share (​among the money funds we track) include: Fixed Income Clearing Corp ($​1.​135T, 38.​2%), JP Morgan ($​339.​7B, 11.​4%), Citi ($​210.​6B, 7.​1%), Wells Fargo ($​151.​2B, 5.​1%), BNP Paribas ($​136.​8B, 4.​6%), RBC ($​117.​7B, 4.​0%), Goldman Sachs ($​79.​4B, 2.​7%), Bank of America ($​72.​8B, 2.​4%), Credit Agricole ($​71.​3B, 2.​4%) and Barclays PLC ($​71.​0B, 2.​4%).

The largest users of the $​2.​6 billion in Fed RRP include: T Rowe Price Govt Reserve Fund ($​1.​8B), UBS Select Treasury Fund ($​0.​8B), Cavanal Hill Govt Svc MM ($​0.​0B), Cavanal Hill US Treas ($​0.​0B), T Rowe Price Cash Reserves ($​0.​0B), T Rowe Price Govt Money Market ($​0.​0B), T Rowe Price Treas Reserve Fund ($​0.​0B) and T Rowe Price US Treasury ($​0.​0B).

The 10 largest issuers of "​credit" -- CDs, CP and Other securities (​including Time Deposits and Notes) combined -- include: RBC ($​37.​5B, 6.​8%), Toronto-​Dominion Bank ($​37.​2B, 6.​7%), Bank of America ($​28.​7B, 5.​2%), ING Bank ($​24.​0B, 4.​3%), Mizuho Corporate Bank Ltd ($​23.​0B, 4.​2%), Fixed Income Clearing Corp ($​21.​3B, 3.​8%), Barclays PLC ($​20.​5B, 3.​7%), Australia & New Zealand Banking Group Ltd ($​20.​4B, 3.​7%), Mitsubishi UFJ Financial Group Inc ($​17.​3B, 3.​1%) and Credit Agricole ($​17.​1B, 3.​1%).

The 10 largest CD issuers include: Toronto-​Dominion Bank ($​17.​1B, 8.​5%), Sumitomo Mitsui Trust Bank ($​14.​1B, 7.​0%), Wells Fargo ($​12.​0B, 5.​9%), Mitsubishi UFJ Financial Group Inc ($​11.​8B, 5.​8%), Sumitomo Mitsui Banking Corp ($​10.​5B, 5.​2%), Mizuho Corporate Bank Ltd ($​10.​2B, 5.​0%), Credit Agricole ($​9.​7B, 4.​8%), Barclays PLC ($​9.​7B, 4.​8%), Bank of Nova Scotia ($​9.​2B, 4.​5%) and Canadian Imperial Bank of Commerce ($​8.​9B, 4.​4%).

The 10 largest CP issuers (​we include affiliated ABCP programs) include: RBC ($​21.​9B, 8.​5%), Toronto-​Dominion Bank ($​18.​6B, 7.​2%), JP Morgan ($​11.​8B, 4.​6%), Barclays PLC ($​9.​4B, 3.​7%), National Bank of Canada ($​8.​2B, 3.​2%), Bank of Montreal ($​8.​0B, 3.​1%), UBS AG ($​7.​0B, 2.​7%), Capitolis Inc ($​6.​9B, 2.​7%), ING Bank ($​6.​8B, 2.​6%) and Bank of America ($​6.​4B, 2.​5%).

The largest increases among Issuers include: the Federal Home Loan Bank (​up $​84.​0B to $​839.​1B), Citi (​up $​47.​7B to $​215.​0B), Morgan Stanley (​up $​33.​4B to $​33.​6B), Barclays PLC (​up $​31.​8B to $​91.​6B), Goldman Sachs (​up $​24.​6B to $​82.​7B), JP Morgan (​up $​23.​0B to $​351.​5B), Societe Generale (​up $​15.​8B to $​54.​6B), Credit Agricole (​up $​13.​3B to $​88.​4B), Australia & New Zealand Banking Group Ltd (​up $​9.​2B to $​32.​5B) and the Federal National Mortgage Association (​up $​8.​5B to $​63.​5B).

The largest decreases among Issuers of money market securities (​including Repo) in April were shown by: the US Treasury (​down $​266.​2B to $​3.​154T), Fixed Income Clearing Corp (​down $​92.​9B to $​1.​156T), RBC (​down $​63.​6B to $​155.​2B), Wells Fargo (​down $​12.​0B to $​163.​2B), Bank of Montreal (​down $​9.​4B to $​49.​4B), BNP Paribas (​down $​9.​2B to $​143.​7B), the Federal Home Loan Mortgage Corp (​down $​5.​6B to $​62.​7B), Northern Trust (​down $​1.​7B to $​8.​3B), Canadian Imperial Bank of Commerce (​down $​1.​2B to $​57.​1B) and Nomura (​down $​1.​1B to $​14.​0B).

The United States remained the largest segment of country-​affiliations; it represents 82.​4% of holdings, or $​6.​567 trillion. Canada (​4.​6%, $​366.​8B) was in second place, while France (​4.​2%, $​337.​5B) ranked third. Japan (​3.​1%, $​246.​6B) occupied fourth place. The United Kingdom (​2.​0%, $​160.​4B) remained in fifth place. Australia (​0.​8%, $​59.​6B) was sixth, followed by Germany (​0.​7%, $​52.​2B), Netherlands (​0.​6%, $​51.​3B), Spain (​0.​6%, $​45.​6B), and Sweden (​0.​3%, $​25.​0B). (​Note: Crane Data attributes Treasury and Government repo to the dealer'​s parent country of origin, though money funds themselves "​look-​through" and consider these U.​S. government securities. All money market securities must be U.​S. dollar-​denominated.)

As of April 30, 2026, Taxable money funds held 46.​9% (​up from 46.​6%) of their assets in securities maturing Overnight, and another 11.​0% maturing in 2-​7 days (​up from 9.​7%). Thus, 57.​9% in total matures in 1-​7 days. Another 9.​3% matures in 8-​30 days, while 9.​5% matures in 31-​60 days. Note that over three-​quarters, or 76.​7% of securities, mature in 60 days or less, the dividing line for use of amortized cost accounting under SEC regulations. The next bucket, 61-​90 days, holds 7.​2% of taxable securities, while 9.​5% matures in 91-​180 days, and just 6.​7% matures beyond 181 days.

​

Crane Data'​s latest monthly Money Fund Portfolio Holdings statistics will be sent out Monday, and we'​ll be writing our regular monthly update on the new April data for Tuesday'​s News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC'​s Form N-​MFP filings on Friday. (​We continue to merge the two series, and the N-​MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-​MFP summary, with data as of April 30, includes holdings information from 993 money funds (​down 4 from last month), representing assets of $​8.​131 trillion (​up from $​8.​127 trillion a month ago). Prime MMFs fell to $​1.​227 trillion (​down from $​1.​251 trillion), or 15.​1% of the total. We review the new N-​MFP data and we also look at our revised MMF expense data, which shows charged expenses were mostly flat and money fund revenues fell to $​21.​3 billion (​annualized) in April.

Our latest Form N-​MFP Summary for All Funds (​taxable and tax-​exempt) shows Treasuries and Repurchase Agreements (​Repo) remain the largest types of portfolio holdings in money market funds. Treasury holdings in money market funds now total $​3.​155 trillion (​down from $​3.​402 trillion), or 38.​8% of all assets, while Repo holdings rose to $​2.​981 trillion (​up from $​2.​836 trillion), or 36.​7% of all holdings. Government Agency securities total $​1.​185 trillion (​up from $​1.​097 trillion), or 14.​6%. Holdings of Treasuries, Government agencies and Repo (​almost all of which is backed by Treasuries and agencies) combined total $​7.​322 trillion, or a massive 90.​1% of all holdings.

The Other category (​primarily Time Deposits) totals $​160.​7 billion (​up from $​141.​1 billion), or 2.​0%, and Commercial Paper (​CP) totals $​296.​7 billion (​down from $​301.​2 billion), or 3.​6% of all holdings. Certificates of Deposit (​CDs) total $​202.​3 billion (​up from $​199.​7 billion), 2.​5%, and VRDNs account for $​149.​7 billion (​down from $​149.​8 billion), or 1.​8% of money fund securities.

Broken out into the SEC'​s more detailed categories, the CP totals were comprised of: $​169.​8 billion, or 2.​1%, in Financial Company Commercial Paper; $​87.​8 billion, or 1.​1%, in Asset Backed Commercial Paper; and $​39.​1 billion, or 0.​5%, in Non-​Financial Company Commercial Paper. The Repo totals were made up of: U.​S. Treasury Repo ($​1.​869 trillion, or 23.​0%), U.​S. Govt Agency Repo ($​953.​9 billion, or 11.​7%) and Other Repo ($​158.​1 billion, or 1.​9%).

The N-​MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $​248.​6 billion (​down from $​259.​4 billion), or 20.​3%; Repo holdings of $​488.​0 billion (​down from $​531.​7 billion), or 39.​8%; Treasury holdings of $​181.​8 billion (​up from $​170.​6 billion), or 14.​8%; CD holdings of $​174.​3 billion (​up from $​171.​3 billion), or 14.​2%; Other (​primarily Time Deposits) holdings of $​112.​9 billion (​up from $​97.​2 billion), or 9.​2%; Government Agency holdings of $​9.​1 billion (​up from $​8.​3 billion), or 0.​7%; and VRDN holdings of $​12.​5 billion (​up from $​12.​4 billion), or 1.​0%.

The SEC'​s more detailed categories show CP in Prime MMFs made up of: $​151.​4 billion (​down from $​162.​1 billion), or 12.​3%, in Financial Company Commercial Paper; $​72.​3 billion (​down from $​75.​6 billion), or 5.​9%, in Asset Backed Commercial Paper; and $​24.​9 billion (​up from $​21.​8 billion), or 2.​0%, in Non-​Financial Company Commercial Paper. The Repo totals include: U.​S. Treasury Repo ($​170.​2 billion, or 13.​9%), U.​S. Govt Agency Repo ($​177.​9 billion, or 14.​5%), and Other Repo ($​139.​8 billion, or 11.​4%).

In related news, money fund charged expense ratios (​Exp%) were mostly flat in April. Our Crane 100 Money Fund Index and Crane Money Fund Average were 0.​26% and 0.​36%, respectively, as of April 30, 2026. Crane Data revises its monthly expense data and gross yield information after the SEC updates its latest Form N-​MFP data the morning of the 6th business day of the new month. (​They posted this info Friday morning, so we revised our monthly MFI XLS spreadsheet and historical craneindexes.​xlsx averages file to reflect the latest expenses, gross yields, portfolio composition and maturity breakout.) Visit our "Content" page for the latest files.

Our Crane 100 Money Fund Index, a simple average of the 100 largest taxable money funds, shows an average charged expense ratio of 0.​26% unchanged from last month'​s level (​also 18 bps higher than 12/​31/​21'​s 0.​08%). The Crane Money Fund Average, a simple average of all taxable MMFs, showed a charged expense ratio of 0.​36% as of April 30, 2026, unchanged from the month prior and slightly below the 0.​40% at year-​end 2019.

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Crane Data'​s latest monthly Money Fund Market Share rankings show assets down among the largest U.​S. money fund complexes in April, after also declining in March. Assets have increased in 19 of the past 22 months (​April 2025, March 2026 and April 2026 saw declines). Money market fund assets fell by $​102.​1 billion, or -​1.​2%, last month to $​8.​096 trillion. Total MMF assets decreased by $​53.​9 billion, or -​0.​7%, over the past 3 months, and they'​ve increased by $​778.​7 billion, or 10.​6%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by BNY Dreyfus, DWS, Morgan Stanley, Vanguard and T Rowe Price, which grew assets by $​10.​7 billion, $​6.​0B, $​5.​4B, $​3.​9B and $​1.​1B, respectively. Declines in April were seen by Fidelity, JPMorgan, Schwab, First American and Goldman Sachs, which decreased by $​24.​6 billion, $​21.​9B, $​14.​0B, $​11.​4B and $​10.​7B, respectively. Our domestic U.​S. "Family" rankings are available in our MFI XLS product, our global rankings are available in our MFI International product. The combined "Family & Global Rankings" are available to Money Fund Wisdom subscribers. We review the latest market share totals, and look at money fund yields, which were lower in April.

Over the past year through Apr. 30, 2026, Fidelity (​up $​151.​5B, or 10.​0%), JPMorgan (​up $​125.​0B, or 16.​4%), BlackRock (​up $​90.​2B, or 14.​6%), Vanguard (​up $​68.​2B, or 10.​0%) and Morgan Stanley (​up $​59.​4B, or 21.​0%) were the largest gainers. BlackRock, Invesco, Morgan Stanley, Fidelity and DWS had the largest asset increases over the past 3 months, rising by $​11.​8B, $​11.​6B, $​8.​3B, $​5.​7B and $​5.​2B, respectively. The largest decline over 12 months was seen by: American Funds (​down $​21.​7B), PGIM (​down $​1.​1B) and T Rowe Price (​down $​156M). The largest declines over 3 months included: JPMorgan (​down $​30.​1B), Goldman Sachs (​down $​14.​4B), Federated Hermes (​down $​10.​7B), Allspring (​down $​9.​0B) and UBS (​down $​8.​8B).

Our latest domestic U.​S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $​1.​672 trillion, or 20.​7% of all assets. Fidelity was down $​24.​6B in April, up $​5.​7B over 3 mos., and up $​151.​5B over 12 months. JPMorgan ranked second with $​887.​0 billion, or 11.​0% market share (​down $​21.​9B, down $​30.​1B and up $​125.​0B for the past 1-​month, 3-​mos. and 12-​mos., respectively). Vanguard ranked in third place with $​748.​5 billion, or 9.​2% of assets (​up $​3.​9B, down $​4.​3B and up $​68.​2B). BlackRock ranked fourth with $​708.​5 billion, or 8.​8% market share (​down $​3.​6B, up $​11.​8B and up $​90.​2B), while Schwab was the fifth largest MMF manager with $​686.​7 billion, or 8.​5% of assets (​down $​14.​0B, down $​6.​0B and up $​49.​3B for the past 1-​month, 3-​mos. and 12-​mos.).

Federated Hermes was in sixth place with $​509.​3 billion, or 6.​3% (​down $​10.​3B, down $​10.​7B and up $​37.​7B), while Goldman Sachs was in seventh place with $​458.​8 billion, or 5.​7% of assets (​down $​10.​7B, down $​14.​4B and up $​26.​4B). Morgan Stanley ($​342.​1B, or 4.​2%) was in eighth place (​up $​5.​4B, up $​8.​3B and up $​59.​4B), followed by BNY Dreyfus ($​341.​3B, or 4.​2%; up $​10.​7B, down $​965M and up $​49.​6B). SSIM was in 10th place ($​295.​6B, or 3.​7%; down $​7.​3B, down $​5.​2B and up $​53.​2B).

The 11th through 20th-​largest U.​S. money fund managers (​in order) include: Allspring ($​224.​7B, or 2.​8%), Northern ($​195.​5B, or 2.​4%), First American ($​194.​1B, or 2.​4%), Invesco ($​164.​2B, or 2.​0%), American Funds ($​154.​3B, or 1.​9%), UBS ($​117.​5B, or 1.​5%), T Rowe Price ($​52.​4B, or 0.​6%), HSBC ($​51.​4B, or 0.​6%), Franklin Templeton ($​47.​5B, or 0.​6%) and DWS ($​41.​2B, or 0.​5%). Crane Data currently tracks 64 U.​S. MMF managers, up 6 from last month.

When European and "​offshore" money fund assets -- those domiciled in places like Ireland, Luxembourg and the Cayman Islands -- are included, the top 10 managers are the same as the domestic list, except: BlackRock moves up to the No. 3 spot and Vanguard moves down to the No. 4 spot. Goldman Sachs moves up to the No. 6 spot, while Federated Hermes moves down to the No. 7 spot. Global Money Fund Manager Rankings include the combined market share assets of our MFI XLS (​domestic U.​S.) and our MFI International ("​offshore") products.

The largest Global money market fund families include: Fidelity ($​1.​696 trillion), JP Morgan ($​1.​175 trillion), BlackRock ($​1.​069 trillion), Vanguard ($​748.​5B) and Schwab ($​686.​7B). Goldman Sachs ($​621.​3B) was in sixth, Federated Hermes ($​523.​5B) was seventh, followed by Morgan Stanley ($​450.​6B), Dreyfus/​BNY ($​407.​5B) and SSIM ($​353.​0B), which round out the top 10. These totals include "​offshore" U.​S. Dollar money funds, as well as Euro and Pound Sterling (​GBP) funds converted into U.​S. dollar totals.

The May issue of our Money Fund Intelligence and MFI XLS, with data as of 4/​30/​26, shows that yields were down in April across some of the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (​currently 744), was 3.​37% (​unchanged) for the 7-​Day Yield (​annualized, net) Average, the 30-​Day Yield was down 1 bp to 3.​36%. The MFA'​s Gross 7-​Day Yield was at 3.​73% (​unchanged), and the Gross 30-​Day Yield was down 1 bp at 3.​72%. (Gross yields will be revised once we download the SEC'​s Form N-​MFP data for 4/​30/​26 on Monday.)

Our Crane 100 Money Fund Index shows an average 7-​Day (​Net) Yield of 3.​47% (​down 1 bp) and an average 30-​Day Yield at 3.​47% (​down 1 bp). The Crane 100 shows a Gross 7-​Day Yield of 3.​74% (​unchanged), and a Gross 30-​Day Yield of 3.​73% (​down 1 bp). Our Prime Institutional MF Index (​7-​day) yielded 3.​59% (​unchanged) as of April 30. The Crane Govt Inst Index was at 3.​46% (​unchanged) and the Treasury Inst Index was at 3.​44% (​unchanged). Thus, the spread between Prime funds and Treasury funds is 15 basis points, and the spread between Prime funds and Govt funds is 13 basis points. The Crane Prime Retail Index yielded 3.​36% (​up 2 bps), while the Govt Retail Index was 3.​18% (​down 1 bp), the Treasury Retail Index was 3.​20% (​down 1 bp from the month prior). The Crane Tax Exempt MF Index yielded 2.​93% (​up 81 bps) at the end of April.

Gross 7-​Day Yields for these indexes to end April were: Prime Inst 3.​83% (​unchanged), Govt Inst 3.​71% (​unchanged), Treasury Inst 3.​71% (​down 1 bp), Prime Retail 3.​84% (​up 1 bp), Govt Retail 3.​70% (​down 1 bp) and Treasury Retail 3.​71% (​down 1 bp). The Crane Tax Exempt Index rose to 3.​32% (​up 81 bps). The Crane 100 MF Index returned on average 0.​29% over 1-​month, 0.​85% over 3-​months, 1.​13% YTD, 3.​88% over the past 1-​year, 4.​61% over 3-​years annualized), 3.​32% over 5-​years, and 2.​15% over 10-​years.

The total number of funds, including taxable and tax-​exempt, was up 16 in April at 855. There are currently 744 taxable funds, up 16 from the previous month, and 111 tax-​exempt money funds (​unchanged from last month). (Contact us if you'​d like to see our latest MFI XLS, Crane Indexes or Market Share report.)

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The May issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Thursday morning, features the articles: "Crane Data Celebrates 20th BDay; A Tale of Two Decades," which reviews MFI'​s two decades of covering the money fund business; "ICI 2026 Fact Book Shows Money Fund Trends in '​25," which excerpts from the Investment Company Institute'​s latest annual statistical compilation; and "JP Morgan Talk of AI Cash Tool Hot Topic on Q1 Calls," which discusses recent earnings call discussions on competition to cash sweeps. We also sent out our MFI XLS spreadsheet Thursday a.​m., and we'​ve updated our Money Fund Wisdom database with 4/​30/​26 data. Our May Money Fund Portfolio Holdings are scheduled to ship on Monday, May 11, and our May Bond Fund Intelligence is scheduled to go out on Thursday, May 14. (Note: Register ASAP for our upcoming Money Fund Symposium, which will take place next month -- June 24-​26 in Jersey City, NJ!)

MFI'​s "Crane Data'​s 20th Birthday" story says, "Crane Data hits a milestone this month, celebrating our 20th birthday. While our first decade was dominated by the Great Financial Crisis, zero yield and the threat of regulatory extinction, the last 10 years have seen money fund assets triple. As we'​ve done in some earlier May issues, we'​d like to take a moment to review our progress and update you on our efforts."

It continues, "Our company, run by money fund expert Peter Crane and technology guru Shaun Cutts, was launched in May 2006 to bring faster, cheaper and cleaner information to the money fund space. We began by publishing our flagship Money Fund Intelligence newsletter, and we'​ve grown to offer a full range of daily and monthly spreadsheets, news, database query systems and reports on U.​S. and '​offshore' money funds."

We write in our "ICI 2026 Fact Book" article, "The Investment Company Institute released its '2026 Investment Company Fact Book,' an annual compilation of statistics and commentary on the mutual fund space. Subtitled, 'A Review of Trends and Activities in the Investment Company Industry,' the latest edition tells us, '​With stock markets rising around the globe in 2025 ... worldwide total net assets of equity funds ... increased by 19% to $​42.​6 trillion at year-​end 2025. Bond funds -- which invest primarily in fixed-​income securities -- saw their total net assets increase 21% over the same period, somewhat reflecting total returns (​capital gains and interest income) in bond markets.... Net assets of money market funds, which are regulated funds restricted to holding short-​term, high-​quality debt instruments, rose by 15%.' We excerpt from the latest '​Fact Book' below."

It continues, "​Discussing 'Worldwide' mutual funds (​page 9), ICI writes, 'Worldwide net sales of money market funds declined somewhat in 2025 but still attracted $​1.​3 trillion in net inflows.... Investors across all geographical regions continued to demonstrate demand for money market funds, with the $​901 billion in inflows in the United States accounting for more than two-​thirds of total net inflows. Investor demand for money market funds in the Asia-​Pacific Region and Europe was $​217 billion and $​169 billion in 2025, respectively.'"

Our "JP Morgan Talk of AI" story says, "J.​P. Morgan Chase released its Q1 2026 Earnings last month (​see the transcript here), and during the Q&​A they were asked about a new '​AI cash tool,' '​which could potentially result in some consumer deposit pressure as well as drive some impact on increased competition [​and] higher deposit betas.'"

The story continues, "JPM Chase CEO Jamie Dimon responds, '​Yes. It'​s a great question, and obviously, we'​re in the early stages for this particular product.... The question for us is, how can we make it easier for [​clients] to manage their money in a way they'​re comfortable. Most [​people] have money in a checking account and then write a ticket to a money market fund or a deposit account.... That'​s all we'​re trying to do.'"

MFI also includes the News brief, "MMFs Fall Again, Record Tax Drop." It says, "Crane Data'​s MFI XLS shows money fund assets falling $​102.​1 billion in April to $​8.​096 trillion, though assets have rebounded strongly month-​to-​date in May. The Investment Company Institute'​s latest weekly 'Money Market Fund Assets' report shows money fund assets falling by $​11.​0 billion to $​7.​626 trillion. MMFs fell $​5.​6 billion the previous week, and they fell by a massive $​175.​8 billion two weeks prior, the largest weekly drop ever, driven by huge April 15 tax-​day outflows."

Another News brief, "FASB Proposes Disclosure of Cash, Stablecoin Holdings," tells us, "​The Wall Street Journal'​s CFO Journal wrote a piece recently titled, 'Companies Would Need to Disclose Stablecoin Holdings Under FASB Proposal.' It tells us, 'The Financial Accounting Standards Board wants to require companies to disclose significant stablecoin holdings as part of a broader move to have companies break out their different types of cash equivalents. The accounting standard-​setter voted ... to propose that all companies must annually disclose the dollar amounts of the significant components of their cash equivalents. These components include investments with maturities of three months or less, like money-​market funds, Treasury bills, commercial paper and possibly, stablecoins, for which there are no specific accounting rules at present.'"

A third News brief, "Federated on Digital Treasury Fund," says, "Federated Hermes reported its First Quarter earnings and hosted its Q1'​26 earnings call late last week. CEO Chris Donahue says in the press release, 'Investors with interest in capital preservation and liquidity continued to rely on our money market offerings and -- for those interested in moving further out the yield curve ... our ultrashort funds.' On the earnings call, Donahue comments, 'Market conditions remain favorable for cash as an asset class. In addition to the appeal of relative safety in periods of volatility, money market strategies present opportunities to earn attractive yields compared to alternatives like bank deposits and direct investments in T-​bills and CP.'"

A sidebar, "MSIM Stablecoin Reserves," says, "​A press release titled, 'Morgan Stanley Investment Management Launches Stablecoin Reserves Portfolio,' tells us, 'Morgan Stanley Investment Management (​MSIM) ... announced the launch of the Stablecoin Reserves Portfolio (​MSNXX), part of the Morgan Stanley Institutional Liquidity Funds trust. The Stablecoin Reserves Portfolio is a new government money market fund designed to align with the stablecoin reserves investment requirements of the ... GENIUS Act. The Fund offers payment stablecoin issuers an eligible money market fund option where they can invest their required reserves that back their outstanding payment stablecoins.'"

Our May MFI XLS, with April 30 data, shows total assets fell $​102.​1 billion to $​8.​096 trillion, after decreasing $​56.​6 billion in March, increasing $​94.​0 billion in February, $​38.​5 billion in January, $​123.​5 billion in December, $​129.​3 billion in November, $​141.​5 billion in October, $​100.​4 billion in September, $​129.​9 billion in August, $​69.​0 billion in July, $​10.​1 billion in June and jumping $​90.​3 billion last May.

Our broad Crane Money Fund Average 7-​Day Yield was unchanged at 3.​37%, and our Crane 100 Money Fund Index (​the 100 largest taxable funds) was down 1 bp at 3.​47% in April. On a Gross Yield Basis (​7-​Day) (​before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.​73% and 3.​74%. Charged Expenses averaged 0.​36% and 0.​26% for the Crane MFA and the Crane 100. (​We'​ll revise expenses once we upload the SEC'​s Form N-​MFP data for 4/​30/​26 on Friday, 5/​8.) The average WAM (​weighted average maturity) for the Crane MFA was 42 days (​up 1 day) and the Crane 100 WAM was up 1 day from the previous month at 44 days. (​See our Crane Index or craneindexes.​xlsx history file for more on our averages.)

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A press release titled, "State Street Investment Management and Galaxy Digital Bring Cash Management Onchain," tells us, "State Street Investment Management and Galaxy Asset Management, an affiliate of Galaxy Digital Inc. (​GLXY) ... announced the launch of the State Street Galaxy Onchain Liquidity Sweep Fund (​SWEEP), a tokenized private liquidity fund designed to enable 24/​7 onchain cash management via stablecoin, subject to availability of stablecoin in the fund'​s portfolio. The launch represents a milestone in State Street'​s digital strategy to offer investment solutions onchain and support 24/​7 programmatic trading and liquidity for cash management. Building on its legacy as an innovator, State Street continues to invest in foundational digital asset capabilities across investment management and custody, offering cutting-​edge, onchain investment solutions to DeFi-​native clients, as well as acting as the bridge to traditional institutional clients looking to move onchain."

The release explains, "SWEEP is powered by Galaxy'​s Digital Infrastructure, which provides the tokenization technology and digital infrastructure supporting the issuance and management of SWEEP tokens. The fund is built to allow stablecoin holders to sweep their stablecoin into a yield bearing asset. SWEEP launches on the Solana blockchain, with additional blockchain integrations planned, including Stellar and Ethereum. Anchorage serves as the fund'​s digital custodian for stablecoin investments, NAV Consulting serves as transfer agent, and Galaxy is leveraging Chainlink NAVLink to publish the fund'​s daily NAV onchain and Chainlink CCIP for secure cross-​chain interoperability. State Street Bank and Trust Company serves as the fund'​s custodian for securities holdings."

It states, "Announced in December 2025, SWEEP allows investors to use PayPal USD (​PYUSD) stablecoins for subscriptions and redemptions, subject to portfolio availability, and is available to Qualified Purchasers that meet certain eligibility criteria and minimum investment amounts."

Yie-​Hsin Hung, president & CEO of State Street Investment Management, comments, "State Street has played a leading role in market innovation for decades, from servicing mutual funds to launching ETFs, and we'​re proud to continue that role as digital assets reshape market infrastructure. This fund allows us to bring the TradFi landscape onchain in a resilient way, guided by our long-​standing focus on innovation, risk management and client outcomes."

Galaxy CEO Mike Novogratz adds, "For years we'​ve argued that traditional finance and crypto would converge on the same rails. We believe SWEEP is what that looks like in practice, with a fund managed by an experienced cash manager being available for investors onchain, on infrastructure Galaxy built for institutions."

Finally, SSIM writes, "SWEEP expands and deepens State Street Investment Management'​s relationship with Galaxy. In September 2024, State Street Investment Management launched three actively managed ETFs sub-​advised by Galaxy that are focused on digital assets and disruptive technologies."

In other news, 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 May 1) includes Holdings information from 63 money funds (​down 11 from a week ago), or $​4.​081 trillion (​down from $​4.​508 trillion) of the $​8.​158 trillion in total money fund assets (​or 50.​0%) 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 April 13 News, "April MF Portfolio Holdings: T-​Bills Inch Higher, Repo Falls, Agencies Flat.")

Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $​1.​826 trillion (​down from $​2.​014 trillion a week ago), or 44.​7%; Repurchase Agreements (​Repo) totaling $​1.​479 trillion (​down from $​1.​632 trillion a week ago), or 36.​2%, and Government Agency securities totaling $​450.​0 billion (​down from $​466.​0 billion a week ago), or 11.​0%. Commercial Paper (​CP) totaled $​135.​8 billion (​down from $​164.​9 billion a week ago), or 3.​3%. Certificates of Deposit (​CDs) totaled $​79.​4 billion (​down from $​102.​9 billion a week ago), or 1.​9%. The Other category accounted for $​70.​2 billion or 1.​7%, while VRDNs accounted for $​41.​3 billion or 1.​0%.

The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $​1.​826 trillion, Fixed Income Clearing Corp with $​503.​9B, the Federal Home Loan Bank with $​272.​9B, JP Morgan with $​156.​5B, Citi with $​111.​7B, Federal Farm Credit Bank with $​102.​9B, BNP Paribas with $​91.​0B, RBC with $​86.​9B, Wells Fargo with $​74.​6B and Bank of America with $​51.​7B.

The Ten Largest Funds tracked in our latest Weekly include: JPMorgan US Govt MM ($​322.​0B), JPMorgan 100% US Trs MM ($​312.​7B), Goldman Sachs FS Govt ($​266.​8B), Fidelity Inv MM: Govt Port ($​256.​0B), Morgan Stanley Inst Liq Govt ($​210.​2B), BlackRock Lq FedFund ($​184.​1B), BlackRock Lq Treas Tr ($​181.​5B), State Street Inst US Govt ($​179.​9B), Fidelity Inv MM: MM Port ($​162.​6B) and Dreyfus Govt Cash Mgmt ($​157.​6B). (​Let us know if you'​d like to see our latest domestic U.​S. and/​or "​offshore" Weekly Portfolio Holdings collection and summary.)

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As we wrote last Tuesday, the Investment Company Institute recently published its "2026 Investment Company Fact Book," an annual compilation of statistics and commentary on the mutual fund industry. We reviewed much of the money fund content in our April 28 News, "ICI Publishes 2026 Fact Book, Reviews US, Worldwide Money Funds in '​25." But below we focus on the numerous "Data Tables" involving "Money Market Mutual Funds." ICI lists annual statistics on shareholder accounts, the number of funds, net assets, net new cash flows, paid and reinvested dividends, composition of prime and government funds, and net assets of institutional investors by type of institution. (Note: Register soon for our Money Fund Symposium show, which will be held June 24-​26, 2026 in Jersey City, NJ!)

ICI'​s annual statistics show that there'​s been a steady decline in the number of money market mutual funds over the last 18 years. (​See Table 35 in the Data Tables.) In 2025, according to the Fact Book, there were a total of 265 money funds, up from 258 in 2024, down from 275 in 2023, 291 in 2022, 305 in 2021, 340 in 2020, 364 in 2019, 802 in 2007, and down from 1,​014 in 2001. The number of share classes stood at 955 in 2024 down from 1,​009 in 2023, 1,​044 in 2022, 1,​060 in 2021, 1,​108 in 2020, 1,​126 in 2018 and 1,​998 in 2008.

Table 36, "Money Market Funds: Total Net Assets by Type of Fund," shows that total net assets in taxable U.​S. money market funds increased $​893.​9 billion to a record $​7.​746 trillion in 2025. At year-​end 2025, $​4.​663 trillion (​60.​2%) was in institutional money market funds, while $​3.​084 trillion (​39.​8%) was in retail money market funds. Breaking the numbers down by fund type, $​1.​220 trillion (​15.​8%) was in prime funds, $​6.​375 trillion (​82.​3%) was in government money market funds, and $​150.​9 billion (​1.​9%) was in tax-​exempt accounts.

Also, Table 37, "Money Market Funds: Net New Cash Flow by Type of Fund," shows that there was a 672.​0 billion in net new cash flow into money market funds last year. A closer look at the data shows $​445.​0 billion in net cash inflows into institutional funds and a $​227.​0 billion cash inflow into retail funds. There were also $​558.​1 billion in net inflows from Government funds, versus $​102.​4 billion in net inflows from Prime funds.

Table 39, "Money Market Funds: Paid and Reinvested Dividends by Type of Fund," shows dividends paid by money funds were a new record, $​304.​4 billion, $​228.​8 billion of which was reinvested (​75.​2%). Dividends previous record was as high as $​297.​2 billion in 2024 (​when rates were over 5%), and as low as $​5.​2 billion in 2011 (​when rates were 0.​05%). Reinvestment rates were 64.​4% in 2007 and 62.​3% in 2011, so they'​ve remained relatively stable over the past decade.

ICI'​s Tables 40 and 41, "Taxable Government Money Market Funds: Asset Composition as a Percentage of Total Net Assets" and "Taxable Prime Money Market Funds: Asset Composition," show that of the $​6.​375 trillion in taxable government money market funds, 14.​6% were in U.​S. government agency issues, 36.​0% were in Repurchase agreements, 39.​7% were in U.​S. Treasury bills, 11.​6% were in Other Treasury securities, and -​2.​1% was in "​Other" assets. The average maturity was 41 days, up 3 days from the end of 2024.

The second table shows that of the $​1.​220 trillion in Prime funds at year-​end 2025, 19.​6% was in Certificates of deposit, 24.​2% was in Commercial paper, 45.​3% was in Repurchase agreements, 0.​2% was in US government agency issues, 3.​1% was in Other Treasury securities, 1.​0% was in Corporate notes, 0.​3% percent was in Bank notes, 4.​0% was in US Treasury bills, 0.​0% was in Eurodollar CDs, and 2.​5% was in Other assets (​which includes Banker'​s acceptances, municipal securities and cash reserves).

Table 60, "Total Net Assets of Mutual Funds Held in Individual and Institutional Accounts," shows that there was $​2.​447 trillion of assets in money funds with Institutional investors, and $​5.​299 trillion in MMF assets in Individual accounts in 2025.

Finally, Table 62, "Taxable Money Market Funds: Total Net Assets of Institutional Investors by Type of Institution," shows of the total of $​2.​438 trillion in Total Institutional assets, $​1.​096 trillion were held by business corporations (​44.​9%), $​1.​029 trillion were held by financial institutions (​42.​2%), $​210.​3 billion were held by nonprofit organizations (​8.​6%), and $​103.​4 billion were held by Other (​4.​2%).

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Federated Hermes reported its First Quarter earnings late Thursday and hosted its Q1'​26 earnings call on Friday. CEO Chris Donahue says in the press release, "Investors with interest in capital preservation and liquidity continued to rely on our money market offerings and -- for those interested in moving further out the yield curve in the pursuit of higher yields than money market products -- our ultrashort funds." The release tells us, "Money market assets were a record $​684.​7 billion at March 31, 2026, up $​47.​6 billion or 7% from $​637.​1 billion at March 31, 2025 and up $​2.​1 billion from $​682.​6 billion at Dec. 31, 2025. Money market fund assets were $​502.​8 billion at March 31, 2026, up $​37.​9 billion or 8% from $​464.​9 billion at March 31, 2025 and down $​5.​6 billion or 1% from $​508.​4 billion at Dec. 31, 2025."

On the earnings call, Donahue comments, "Market conditions remain favorable for cash as an asset class. In addition to the appeal of relative safety in periods of volatility, money market strategies present opportunities to earn attractive yields compared to alternatives like bank deposits and direct investments in T-​bills and commercial paper. Our estimate of money market mutual fund market share, including sub-​advised funds, was about 6.​9% at the end of Q1, down from 7.​0% at the end of 2025. Let'​s have a little discussion on digital assets and what we'​re doing there. We are focused on this area as an infrastructure evolution, not a speculative asset class."

He explains, "We are working on digital initiatives designed to enhance distribution efficiency, settlement speed, transparency, operational automation, and global reach while maintaining regulatory, fiduciary, and governance standards. Importantly, digital structures must enhance access, efficiency, and integration into modern treasury portfolio and collateral workflows. They must operate within regulatory frameworks, preserve investor protections, and provide valuation integrity. Through deep engagement with our operational partners, we are well-​positioned to properly evaluate governance, ownership representation, transfer restrictions, and risk management implications of tokenized funds as we build out our digital capabilities. While we are initially prioritizing products aligned with our core strength and liquidity management, we of course expect over time to see digital products developed for ETFs or other mutual funds, private market vehicles across many or all market classes."

Donahue continues, "The firm'​s digital initiatives include the upcoming launch of our Money Market Management Digital Treasury Fund, which is expected to support both traditional and on-​chain distribution. The initial Reserve Shares class will provide a non-​tokenized, GENIUS-​compliant structure geared to institutional investors and stablecoin issuers seeking high-​quality reserve assets."

He states, "We are also developing an on-​chain share class intended to place official books and records on the blockchain infrastructure once a fully digital transfer agency model is available. This dual-​track approach offers flexibility between traditional custody and fully on-​chain models. We have selectively engaged with regulated digital asset intermediaries focusing on tokenized funds as regulated financial instruments. Initial use cases emphasize cash on-​chain liquidity solutions with a longer-​term view towards supporting additional asset classes as market structures evolve."

Donahue tells the call, "As we have previously mentioned, we are participating in the launch of a collaborative initiative between BNY and Goldman Sachs that will involve mirrored tokenization of money market fund shares to improve transferability, collateral utility, and real-​time ownership tracking of money market fund shares. We are also expanding digital engagement beyond U.​S. money markets towards a global strategy. In the U.​K. and Europe, we are exploring digital sterling liquidity products and assessing tokenization for broader regulated fund distribution."

He also says, "We are participating in tokenized offerings where Federated Hermes funds are used as the underlying assets rather than being directly tokenized. This includes our alliance with Archax, the first FCA-​regulated digital securities exchange, to offer tokenized access to a U.​S. money market fund. The platform enables professional investors to hold beneficial ownership tokens across multiple blockchains and access money market liquidity directly on-​chain. We are exploring similar partnership opportunities."

Donahue adds, "Finally, looking at recent asset totals as of a few days ago, managed assets were approximately $​902 billion, including $​668 billion in money markets, $​107 billion in equities, $​101 billion in fixed income, $​22 billion in alternatives private markets, and $​3 billion in multi-​asset. Money market mutual fund assets were $​487 billion."

During the Q&​A, J.​P. Morgan'​s Ken Worthington asks, "What portion of your existing clients today do you think care about and will utilize digital money market funds versus traditional cash product structures over time? And if you think out about a decade, what portion of the entire cash market do you think cares about tokenized money market funds versus other forms of tokenized cash?"

Donahue answers, "​Out 10 years is pretty tough to see. Right now it'​s a very low percentage of the clients that are asking for, demanding or wanting these tokenized products. What you see with us and with others is a grand effort to get ready for tomorrow. If you want to say you'​re feeling us protecting our franchise, you'​re right. If you want to say you'​re feeling us with a little FOMO in it, you'​re right. This is not the usual customer demand, '​we got to have it' type deal. Over time, as you see the digitization of things catching on, we are going to be there. Over 10 years, I think it would be a routine deal, but it'​s really hard for me to say how much it would be."

Money Market CIO Debbie Cunningham adds, "​Wow, 10 years, that'​s a long time.... To add to what Chris was saying, I mean, if you build it, they will come. That'​s sort of the attitude now with that historically, as sort of a premise, success has followed. I don'​t know, maybe, probably less than 25% of retail customers. I think from an institutional customer standpoint, you'​re looking at something that maybe is in the 25%-​50% utilization. Once all the comfortability is there with the, you know, the fiduciary aspects of it that Chris was mentioning at the beginning."

Donahue adds, "​I'​ll close with this one more, Ken. That is that, remember, the basic product is daily liquidity at par. However all the fancy stuff works, that'​s what you need. The next thing is, if they don'​t have fundamental trust in the whole thing, then it doesn'​t work. You got to work on those two things in addition to all of the neat toys that are being created."

Lastly, Patrick Davitt of Autonomous Research queries, "Deborah Cunningham, last quarter you suggested that money fund organic growth could be a bit lower this year. It'​s tough to tell what'​s going on in money funds the last couple of months, obviously, given the tax noise. With more signs the Fed could be on hold all year, I'​d be curious to get your updated thoughts on the potential for more rotation into the asset class from either retail or institutional or both, given that change in outlook."

Cunningham replies, "​You know, it hasn'​t changed much. I mean, we'​ve seen double-​digit growth in the high teens and then in the lower teens in both 2024 and 2025. 2026, in my opinion, is going to be more in the single-​digit growth area. I do think it'​s something that from a safe haven standpoint and from a just a general utilization, with [​govt] yields ... in the 3.​72-​3.​75ish area, prime yields 3.​86-​3.​90%. You know, with tax-​free taxable equivalents, you'​re still looking depending upon what, you know, whether it’​s state tax-​free or just federally tax-​free, you know, yields in the 4%, 5%, and 6% from a taxable equivalent standpoint."

She adds, "Those are real long-​term returns in a very, very low risk product. I think the growth will continue. I think it probably we find new use cases as some of these digital product innovations are rolled out for the funds. I think that the traditional as well as new clients into the asset class will grow, just not as quickly as it has in the 2024 and 2025 timeframe. I mean, at assets reaching, it depends on who you'​re looking at -- whether it'​s Crane Data, iMoneyNet [​or] ICI -- somewhere in the $​7.​5-$​8.​2 trillion range as a peak. I think that continues to grow steadily over the $​8 trillion range. The larger it gets, the more, you know, obviously the percentage growth, even if it'​s the same dollar amount, starts to go down."

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Franklin Templeton (​BEN) released its latest earnings earlier this week, and the earnings call briefly mentioned tokenized money funds. During the Q&​A, Brian Bedell from Deutsche Bank asks, "​Actually, one on Franklin Crypto. Jenny, if you could just talk a little bit about ... what market are you targeting for that and the different product types as you evolve your Franklin digital assets? And then also on the tokenization of money funds and BENJI [​Franklin OnChain US Govt Money Fund, FOBXX]. [​What is] your view as to what extent we'​ll see the development of tokenized money funds accelerate given obviously, the use cases and the yield cases, especially within the digital asset platforms?"

CEO Jennifer Johnson responds, "​So, first of all, why do I love blockchain? Because it'​s a really efficient technology that drives down costs. So that'​s a good thing for us as an industry and for our clients. But you have to have a wallet to actually hold a token. The wallet is just a cryptography that matches to that token, but you just have to have it. And all of our traditional distributors, very few of them actually have a wallet. So you have to go to the exchanges."

She continues, "So when you ask me, '​Where is the kind of immediate opportunity?' `​It'​s an exchange, a crypto exchange, Kraken and Ondo, Coinbase, Binance that have wallets there. And two things are happening. One is ... it'​s an obvious place to integrate BENJI. So people want to put money into cash. If it'​s in their stablecoin, they don'​t earn any yield, so they can shift it into a money market fund and earn yield on that. So that'​s an obvious opportunity for us."

Johnson also says, "The second thing that'​s happening, and you just take the top 5 exchanges, they have 1 billion wallets there. So from a new client base, [​it'​s] kind of interesting, and they'​re thinking about offering traditional products there. So we have launched, I think, 8 ETFs, tokenized ETFs on one of the exchanges and 5 on the other, and we'​re talking to other exchanges. So we'​ve got 8 on Kraken and 5 on Ondo. And these are just in case those investors are interested in more traditional products.... You couldn'​t hold an ETF or a mutual fund unless it was tokenized and because they have no other way of holding it. So we think that'​s an interesting new opportunity for us."

In other news, a press release titled "Stable Sea Announces Strategic Relationship with WisdomTree to Bring Tokenized Treasury Access to Businesses" tells us "Stable Sea ... announced a strategic relationship with WisdomTree (​WT), a global asset manager with more than $​150 billion in assets under management, to bring tokenized treasury access to businesses. This collaboration enables Stable Sea users to earn yield by investing operating cash in, and gaining exposure to, WisdomTree'​s tokenized money market fund, which may have been challenging to access in existing workflows."

It continues, "Stable Sea users will be able to access WisdomTree tokenized funds in an embedded workflow in Stable Sea'​s technology platform. Leveraging this technology, eligible Stable Sea users may establish a limited scope broker-​dealer relationship with WisdomTree Securities, Inc., an SEC registered broker-​dealer, for the purpose of facilitating transactions in shares of select WisdomTree tokenized funds, beginning with the WisdomTree Treasury Money Market Digital Fund (​WTGXX)."

The release explains, "Tokenized money market funds are one of the fastest-​growing segments of on-​chain financial products. Assets in tokenized U.​S. Treasury and money market funds have grown from under $​1 billion in early 2024 to more than $​10 billion by early 2026, driven by offerings from major asset managers like WisdomTree. This rapid adoption reflects growing business demand for modern, always-​on access to cash-​equivalent products delivered through blockchain-​based infrastructure."

Will Peck, Head of Digital Assets at WisdomTree, comments, "​Tokenization is transforming how investors and institutions access financial products. Our connectivity with Stable Sea extends that innovation to a new audience enabling businesses to access registered funds in an efficient and digitally native way. Treasury management use cases have been a leading driver of the adoption we have seen of our tokenized money market fund WTGXX in the past year. We'​re thrilled to bring this product to more businesses throughout the United States through our collaboration with Stable Sea."

For more, see our Crane Data News, "March MFI: More Tokenized MMFs; Money Market ETFs Live; Cunningham" (​3/​6/​26), Crane 100 Money Fund Index Ticks Back Up to 3.​50%; SEC, WisdomTree" (​2/​24/​26) and "WisdomTree Treasury MM Digital Fund" (​9/​5/​25).

In related news, Bloomberg writes, "BlackRock Targets the Idle Cash Piling Up on Crypto Exchanges." The article says, "BlackRock Inc. is bringing its roughly $​2.​5 billion money market fund to cryptocurrency exchange operator OKX, with Standard Chartered Plc holding the underlying assets -- the latest sign that Wall Street infrastructure and digital-​asset markets are converging. Under the arrangement, the tokens of the BlackRock USD Institutional Digital Liquidity Fund (​BUIDL) sit in regulated custody at Standard Chartered while showing up as available collateral on OKX, meaning traders can post it as margin while it keeps earning interest instead of sitting idle."

The piece adds, "The setup solves a basic inefficiency: cash posted as collateral on crypto exchanges has traditionally earned virtually nothing. BlackRock'​s fund, which invests in Treasuries and repurchase agreements and is designed to hold a stable $​1 value, turns what would otherwise be idle cash into a productive asset, a structure that is starting to grow in crypto markets. For now, access is limited to investors in the Middle East."

The press release, "A New Utility Framework for Tokenized RWAs, Delivered with BlackRock and Standard Chartered," explains, "Today, through our collaboration with BlackRock and Standard Chartered, we are introducing a new utility framework for tokenized real-​world assets in digital asset markets. With this new framework, a tokenized U.​S. Treasury fund can serve as both yield-​bearing on-​exchange margin and off-​exchange collateral within one integrated framework. Qualified investors can deploy BlackRock'​s BUIDL, a tokenized U.​S. Treasury fund issued on public blockchain rails, as trading collateral on OKX while continuing to earn U.​S. dollar yield benchmarked against the U.​S. Federal Funds rate. At the same time, assets can be held in regulated custody with Standard Chartered, marking the first-​ever G-​SIB-​backed off-​exchange tokenized collateral framework."

Finally, Circle writes on "The Role of Financial Institutions and Fintechs in a Stablecoin World." They state, "When stablecoins first emerged, some treated them as a threat to traditional finance. Digital dollars that moved near-​instantly across borders seemed to leave little room for financial institutions and fintechs such as banks, payment service providers (​PSPs), or other intermediaries. But payment systems rarely change by replacing one model overnight. They evolve through integration, regulation, and new forms of coordination."

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