News Archives: June, 2026
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Tuesday, and we'll be writing our regular monthly update on the new May data for Wednesday'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 Monday. (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 May 31, includes holdings information from 1,000 money funds (up 7 from last month), representing assets of $8.365 trillion (up from $8.131 trillion a month ago). Prime MMFs rose to $1.238 trillion (up from $1.227 trillion), or 14.8% 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 rose to $21.8 billion (annualized) in May.
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 $3.352 trillion (up from $3.155 trillion), or 40.1% of all assets, while Repo holdings rose to $2.999 trillion (up from $2.981 trillion), or 35.9% of all holdings. Government Agency securities total $1.190 trillion (up from $1.185 trillion), or 14.2%. Holdings of Treasuries, Government agencies and Repo (almost all of which is backed by Treasuries and agencies) combined total $7.541 trillion, or a massive 90.1% of all holdings.
The Other category (primarily Time Deposits) totals $161.8 billion (up from $160.7 billion), or 1.9%, and Commercial Paper (CP) totals $307.9 billion (up from $296.7 billion), or 3.7% of all holdings. Certificates of Deposit (CDs) total $202.9 billion (up from $202.3 billion), 2.4%, and VRDNs account for $151.4 billion (up from $149.7 billion), or 1.8% of money fund securities.
Broken out into the SEC's more detailed categories, the CP totals were comprised of: $174.7 billion, or 2.1%, in Financial Company Commercial Paper; $93.1 billion, or 1.1%, in Asset Backed Commercial Paper; and $40.1 billion, or 0.5%, in Non-Financial Company Commercial Paper. The Repo totals were made up of: U.S. Treasury Repo ($1.873 trillion, or 22.4%), U.S. Govt Agency Repo ($967.9 billion, or 11.6%) and Other Repo ($158.4 billion, or 1.9%).
The N-MFP Holdings summary for the Prime Money Market Funds shows: CP holdings of $258.8 billion (up from $248.6 billion), or 20.9%; Repo holdings of $481.3 billion (down from $488.0 billion), or 38.9%; Treasury holdings of $190.1 billion (up from $181.8 billion), or 15.4%; CD holdings of $174.8 billion (up from $174.3 billion), or 14.1%; Other (primarily Time Deposits) holdings of $113.0 billion (up from $112.9 billion), or 9.1%; Government Agency holdings of $7.5 billion (down from $9.1 billion), or 0.6%; and VRDN holdings of $12.7 billion (up from $12.5 billion), or 1.0%.
The SEC's more detailed categories show CP in Prime MMFs made up of: $156.5 billion (up from $151.4 billion), or 12.6%, in Financial Company Commercial Paper; $76.2 billion (up from $72.3 billion), or 6.2%, in Asset Backed Commercial Paper; and $26.0 billion (up from $24.9 billion), or 2.1%, in Non-Financial Company Commercial Paper. The Repo totals include: U.S. Treasury Repo ($174.7 billion, or 14.1%), U.S. Govt Agency Repo ($167.2 billion, or 13.5%), and Other Repo ($139.4 billion, or 11.3%).
In related news, money fund charged expense ratios (Exp%) were mostly flat in May. Our Crane 100 Money Fund Index and Crane Money Fund Average were 0.26% and 0.36%, respectively, as of May 31, 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 Monday 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 May 31, 2026, unchanged from the month prior and slightly below the 0.40% at year-end 2019.
Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in May, after declining in April. Assets have increased in 20 of the past 23 months (April 2025, March 2026 and April 2026 saw declines). Money market fund assets rose by $193.2 billion, or 2.4%, last month to a record $8.292 trillion. Total MMF assets increased by $42.2 billion, or 0.5%, over the past 3 months, and they've increased by $878.3 billion, or 11.8%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Vanguard, SSIM and American Funds, which grew assets by $37.7 billion, $36.7B, $30.2B, $29.6B and $14.2B, respectively. Declines in May were seen by T Rowe Price, Goldman Sachs, Allspring, HSBC and DWS, which decreased by $5.2 billion, $4.8B, $4.5B, $3.1B and $2.8B, 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 slightly lower in May.
Over the past year through May 31, 2026, Fidelity (up $184.0B, or 12.0%), JPMorgan (up $145.8B, or 18.7%), BlackRock (up $85.0B, or 13.4%), Vanguard (up $83.8B, or 12.1%) and SSIM (up $77.3B, or 31.2%) were the largest gainers. Fidelity, Vanguard, BNY Dreyfus, BlackRock and JPMorgan had the largest asset increases over the past 3 months, rising by $30.2B, $20.1B, $15.6B, $13.3B and $12.3B, respectively. The largest decline over 12 months was seen by: American Funds (down $10.1B), T Rowe Price (down $9.4B), DWS (down $5.5B) and Invesco (down $5.1B). The largest declines over 3 months included: Goldman Sachs (down $28.7B), Federated Hermes (down $15.7B), T Rowe Price (down $9.0B), Allspring (down $8.3B) and UBS (down $5.9B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.714 trillion, or 20.7% of all assets. Fidelity was up $37.7B in May, up $30.2B over 3 mos., and up $184.0B over 12 months. JPMorgan ranked second with $923.6 billion, or 11.1% market share (up $36.7B, up $12.3B and up $145.8B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $778.7 billion, or 9.4% of assets (up $30.2B, up $20.1B and up $83.8B). BlackRock ranked fourth with $719.5 billion, or 8.7% market share (up $11.0B, up $13.3B and up $85.0B), while Schwab was the fifth largest MMF manager with $693.2 billion, or 8.4% of assets (up $6.5B, down $2.3B and up $47.8B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $514.2 billion, or 6.2% (up $4.9B, down $15.7B and up $33.5B), while Goldman Sachs was in seventh place with $454.0 billion, or 5.5% of assets (down $4.8B, down $28.7B and up $28.0B). BNY Dreyfus ($355.4B, or 4.3%) was in eighth place (up $14.0B, up $15.6B and up $63.4B), followed by Morgan Stanley ($349.7B, or 4.2%; up $7.7B, up $11.2B and up $68.0B). SSIM was in 10th place ($324.8B, or 3.9%; up $29.6B, up $11.0B and up $77.3B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Allspring ($220.2B, or 2.7%), Northern ($206.9B, or 2.5%), First American ($202.0B, or 2.4%), American Funds ($168.3B, or 2.0%), Invesco ($163.3B, or 2.0%), UBS ($118.3B, or 1.4%), Franklin Templeton ($48.9B, or 0.6%), HSBC ($48.3B, or 0.6%), T Rowe Price ($46.2B, or 0.6%) and DWS ($38.4B, or 0.5%). Crane Data currently tracks 64 U.S. MMF managers, unchanged 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. Morgan Stanley moves up to the No. 8 spot while BNY Dreyfus moves down to the No. 9 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 ($1.739 trillion), JP Morgan ($1.221 trillion), BlackRock ($1.085 trillion), Vanguard ($778.7B) and Schwab ($693.2B). Goldman Sachs ($619.5B) was in sixth, Federated Hermes ($528.8B) was seventh, followed by Morgan Stanley ($461.0B), Dreyfus/BNY ($422.1B) and SSIM ($382.7B), 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 June issue of our Money Fund Intelligence and MFI XLS, with data as of 5/31/26, shows that yields were down in May across some of the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 749), was 3.34% (down 2 bps) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was down 7 bps to 3.29%. The MFA's Gross 7-Day Yield was at 3.73% (down 3 bps), and the Gross 30-Day Yield was down 7 bps at 3.65%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 5/31/26 on Monday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 3.45% (down 3 bps) and an average 30-Day Yield at 3.37% (down 9 bps). The Crane 100 shows a Gross 7-Day Yield of 3.71% (down 3 bps), and a Gross 30-Day Yield of 3.64% (down 9 bps). Our Prime Institutional MF Index (7-day) yielded 3.58% (down 2 bps) as of May 31. The Crane Govt Inst Index was at 3.43% (down 3 bps) and the Treasury Inst Index was at 3.42% (down 2 bps). Thus, the spread between Prime funds and Treasury funds is 16 basis points, and the spread between Prime funds and Govt funds is 15 basis points. The Crane Prime Retail Index yielded 3.34% (down 3 bps), while the Govt Retail Index was 3.16% (down 2 bps), the Treasury Retail Index was 3.18% (down 1 bp from the month prior). The Crane Tax Exempt MF Index yielded 1.56% (down 137 bps) at the end of May.
Gross 7-Day Yields for these indexes to end May were: Prime Inst 3.81% (down 2 bps), Govt Inst 3.68% (down 3 bps), Treasury Inst 3.69% (down 2 bps), Prime Retail 3.81% (down 3 bps), Govt Retail 3.68% (down 3 bps) and Treasury Retail 3.69% (down 2 bps). The Crane Tax Exempt Index fell to 1.95% (down 137 bps). The Crane 100 MF Index returned on average 0.30% over 1-month, 0.88% over 3-months, 1.42% YTD, 3.83% over the past 1-year, 4.58% over 3-years annualized), 3.36% over 5-years, and 2.16% over 10-years.
The total number of funds, including taxable and tax-exempt, was up 5 in May at 860. There are currently 749 taxable funds, up 5 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.)
The June issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Money Fund Assets Resume Record Run; Yields Bottom," which reviews the latest jump in assets and flattening of yields; "BNY, JPM, BlackRock Launch 'OnChain' Tokenized MMFs," which discusses the latest money fund filings; and "European Regulators Push to Increase MF Liquidity Levels," which covers new U.K. and European proposals to strengthen MMF requirements. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/26 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 9, and our June Bond Fund Intelligence is scheduled to go out on Friday, June 12. (Note: Register ASAP for our upcoming Money Fund Symposium, which will take place later this month -- June 24-26 in Jersey City, NJ!)
MFI's "Money Fund Assets" story says, "Money fund assets rebounded strongly in May, rising $193.2 billion to a record $8.292 trillion, according to our Money Fund Intelligence XLS data series. Our Money Fund Intelligence Daily shows money fund assets have increased by another $54.2 billion to $8.346 trillion month-to-date in June (as of 6/4)."
It continues, "According to MFI Daily, assets fell by $108.8 billion in April and $49.3 billion in March. But they increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December and $132.8 billion in November. MMFs rose $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July and $6.7 billion last June."
We write in our "OnChain" article, "BNY Dreyfus filed to launch an 'onchain' tokenized money market fund, while J.P. Morgan recently went live with its OnChain Liquidity-Token MMF. The SEC filing for BNY Dreyfus On-Chain Liquidity Fund, under the Dreyfus Government Cash Management Funds umbrella, says, 'The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity."
The story continues, "The fund pursues its investment objective by investing in (i) U.S. Treasury bills, notes, or bonds ..., (ii) overnight repurchase agreements collateralized solely by U.S. Treasury securities and/or cash, and (iii) cash. The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00. The U.S. Treasury securities in which the fund invests have a remaining maturity of 93 days or less or are issued with a maturity of 93 days or less.'"
Our "European" story says, "The Financial Conduct Authority (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.'"
It continues, "The post explains, '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.'"
MFI also includes the News brief, "Bloomberg: 'Dash for Cash Sends Money-Fund Assets to Record $8.3 Trillion.' The article states, 'Investors boosted the total amount in U.S. money-market funds to a record $8.281 trillion as uncertainty surrounding the Federal Reserve's monetary policy path fuels demand for cash-like assets. Some $66 billion rushed into the money-market fund industry in the week ending May 28, according to the latest figures from Crane Data LLC.'"
Another News brief, "Barron's Writes Again on Sweeps," tells us, "The article, 'How AI Could Kill Charles Schwab and the Brokerage Industry's Cash Cow,' says, 'Charles Schwab spent a good chunk of its six-hour-long investor day ... explaining to analysts and shareholders how the company is using artificial intelligence to boost its business. Investors, however, are far more focused on whether AI poses a threat to the substantial profits Schwab derives from so-called sweep cash.'"
A third News brief, "Dreyfus Rebrands as BNY Dreyfus," tells us, "A statement, '`BNY Investments Dreyfus Money Market Rebrand,' says, 'Effective May 29, 2026, Dreyfus money market funds will update names, adding ‘BNY’ to recognize the depth of expertise, technology and history brought by Dreyfus as a vital component of the BNY ecosystem. These are part of the BNY Investments Dreyfus family of funds.' (See also, 'Introducing SPARK Future Shares: A New Way to Align Cash with Client Values.')"
A sidebar, "New UBS Stablecoin Reserves," says, "A filing for the UBS Liquid Reserves Fund explains, 'The fund invests only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the Guiding and Establishing National Innovation for US Stablecoins Act (the 'GENIUS Act') and any regulations adopted thereunder. These eligible reserve assets include ... cash, securities issued by the US Treasury with a remaining maturity of 93 days or less ... and overnight repurchase agreements.... The fund primarily intends to serve as a reserve asset for stablecoin issuers.... Shares of the fund are expected to be held primarily by one or more stablecoin issuers as all or a portion of the reserve assets that back the outstanding stablecoins issued to their customers.'"
Our June MFI XLS, with May 31 data, shows total assets jumping $193.2 billion to $8.292 trillion, after decreasing $102.1 billion in April, $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, and $10.1 billion last June.
Our broad Crane Money Fund Average 7-Day Yield was down 3 bps at 3.34%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 2 bps at 3.45% in May. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.70% and 3.71%. 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 5/31/26 on Monday, 6/8.) The average WAM (weighted average maturity) for the Crane MFA was 42 days (unchanged) and the Crane 100 WAM was unchanged from the previous month at 44 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
The European Central Bank's (ECB) Isabel Schnabel recently gave a speech titled "From Money Market Funds to Stablecoins: Lessons for Central Banks," which discussed the history and parallels of money market mutual funds with stablecoins. She says, "The nature of money has never been static. Over the centuries, financial innovation has reshaped how money is created, transferred and stored, often enhancing efficiency, broadening access and boosting economic welfare. When such innovations reach scale, they alter the structure of the financial system, with consequences for financial stability, monetary policy and the international monetary order. One recent innovation has been stablecoins. These are privately issued digital tokens pegged to fiat currencies and typically backed by portfolios of traditional assets. Their rapid rise has raised questions about their benefits and challenges. To understand the unfolding changes, it is worth looking at how earlier innovations transformed financial markets." (Note: Register soon for our upcoming Money Fund Symposium, which takes place in just 3 weeks in Jersey City, N.J., June 24-26. We look forward to seeing you later this month!)
Schnabel explains, "More recently, a private and closer analogue of stablecoins emerged: money market funds. These created a highly liquid investment instrument that offered a market-based yield while promising a stable value, reshaping financial intermediation. In my remarks today, I will examine the parallels and differences between the emergence of money market funds and that of stablecoins to provide a perspective on the challenges posed by stablecoins and other forms of tokenisation for today's financial system."
She continues, "I will argue that private monetary innovation can offer significant benefits. But I will also show that it can heighten financial stability risks, affect monetary policy transmission and alter the international monetary order. Central banks and regulators need to be ready to adapt regulation, monetary policy implementation and payment infrastructure in an agile manner to safeguard financial stability, preserve monetary control and anchor their currency's role in the digital age."
Discussing "The rise of money market funds," she comments, "The emergence of money market funds in the 1970s was initially a distinct US phenomenon, driven by regulation and the macroeconomic environment. The key backdrop was Regulation Q, introduced in the aftermath of the Great Depression, which imposed interest rate ceilings on bank deposits in order to contain 'excess competition' among banks. As higher inflation gave rise to higher market interest rates, investors sought liquid alternatives delivering higher yields."
Schnabel states, "Money market funds met this demand by investing in a diversified portfolio of high-quality, short-term market instruments, while aiming to maintain a stable net asset value and promising redemption at or near par. In doing so, they replicated some of the key attributes of bank deposits, most notably stability of value and liquidity."
She tells us, "Over time, money market funds became central actors in wholesale funding markets and major buyers of short-term financial instruments, such as commercial paper, repurchase agreements and Treasury bills. The rise of money market funds in the United States led to some bank disintermediation as savings migrated from bank deposits into money market funds.... As a result, banks increasingly shifted towards wholesale funding, such as repos and other market-based sources, making part of their funding more short-term, expensive and volatile."
The ECB Executive Board Member states, "At the same time, money market funds benefited the financial system and the economy more broadly. Governments enjoyed access to a wider and more diversified investor base for short-term sovereign debt, while financial intermediation shifted away from banks towards capital markets, contributing to the expansion of market-based finance."
She comments, "While the first money market funds in Europe were established in the early 1980s, it was not until the 1990s that they really took off. They have since become an integral part of the euro area financial system. By increasing competition for savings and offering households and firms attractive alternatives to bank deposits, money market funds made it harder for banks to extract excess rents in protected deposit markets. Evidence from Germany suggests that the authorisation of money market funds in 1994 led to more intense competition in deposit markets, as evident in a visible decline in bank deposit margins around that time. Thus, the advent of money market funds offered benefits to investors in the form of higher returns and greater choice, while financial markets became deeper and more diversified."
She then says, "Stablecoins share several features with money market funds. Both invest in a portfolio of short-term safe assets and aim to offer redemption at or near par into fiat currency. And both operate outside the traditional banking system, thereby potentially contributing to the disintermediation of banks. But there are also important differences, especially in terms of remuneration and use cases. The attractiveness of money market funds has traditionally rested on their ability to offer competitive market yields. Stablecoins, by contrast, do not generally pay interest, at least not directly. Stablecoins do not therefore constitute an attractive store of value, compared with money market funds or remunerated bank deposits."
Schnabel adds, "And yet, this has done little to curb demand. Global stablecoin market capitalisation has increased swiftly and is now close to USD 300 billion, although growth has moderated recently. The two largest US dollar-denominated stablecoins, Tether (USDT) and USD Coin (USDC), account for roughly 90% of the total market. Euro-denominated stablecoins have so far played only a marginal role, with a combined market capitalisation of approximately EUR 500 million."
She tells us, "So far, stablecoins have primarily been used to settle transactions in crypto markets, with crypto trading remaining the dominant use case by far. Other use cases account for only a small share of current activity, but they are expected to grow over time, although there remains a high degree of uncertainty about their future trajectory. Around 85% of the transaction volume on crypto trading platforms involves exchanges between stablecoins and other crypto-assets, even though other types of transactions are gaining ground."
Schnabel continues, "The second fragility relates to the risk that money market funds, or stablecoins for that matter, may face runs themselves. This risk became evident during the global financial crisis, which exposed the vulnerability of money market funds to runs and the lack of a safety net to mitigate systemic risks. After the failure of Lehman Brothers in September 2008, the Reserve Primary Fund 'broke the buck,' meaning that its net asset value fell below par, triggering widespread redemptions, fire sales and a freeze in short-term funding markets. We have seen money market funds come under stress on several further occasions in recent years, such as during the European sovereign debt crisis and, more recently, at the onset of the COVID-19 pandemic."
She says, "Finally, unremunerated stablecoins, if systemically relevant, could reinforce the zero lower bound constraint on the policy rate, as negative interest rates could render stablecoins' business model unprofitable, leading to a collapse of the market. In fact, the significance of the money market fund industry in the United States likely contributed to the Federal Reserve shying away from negative interest rates.... As with the rise of money market funds, the dollar's dominance would be reinforced, not necessarily owing to stronger economic fundamentals but due to network effects, scale and first-mover advantages."
Schnabel adds, "It remains to be seen whether, in such an environment, stablecoins can find their place in the financial system just as money market funds did 50 years ago, or whether other innovations, like tokenised deposits, will prove to be the more promising alternative. In any case, as shown by the example of money market funds, innovation alone is not sufficient to guarantee lasting success. We also need to provide guardrails to preserve financial stability, monetary policy transmission and the international role of the euro."
A statement titled, "BNY Investments Dreyfus Money Market Rebrand," explains, "Effective May 29, 2026, Dreyfus money market funds will update names, adding 'BNY' to recognize the depth of expertise, technology and history brought by Dreyfus as a vital component of the BNY ecosystem. These are part of the BNY Investments Dreyfus family of funds, which are advised by BNY Mellon Investment Adviser, Inc. and sub-advised by Dreyfus. Tickers, Cusips and access stay the same with no action needed." (See the SEC filing here. Crane Data will be renaming the funds in its June issue of Money Fund Intelligence, which ships on Friday.)
Separately, BNY Investments also sent out the comment, "Introducing SPARK Future Shares: A New Way to Align Cash with Client Values," that states, "Your clients want to make a difference, and many are looking for more than a financial return on their investments. Simply put, investors increasingly want to 'do well and do good.' Announcing the launch of SPARK Future shares (SPFXX), a new share class of our flagship BNY Dreyfus Government Cash Management, enabling your clients to invest in a high-quality cash management strategy while supporting a nonprofit organization of their choice." (See the filing for SPFXX here.)
The fund features a "Government cash management strategy with institutional knowledge." It's "Accessible through intermediaries, including advisors and broker-dealers," and says, "10% of BNY's net revenue donated annually to client-selected nonprofits." They add, "We invite you to learn more and explore how SPARK Future shares can enhance your client portfolios, or contact us for additional information."
The footnotes tell us, "BNY Mellon Investment Adviser, Inc. (BNYIA) will make an annual donation to charitable and other not-for-profit organizations that are selected by holders of SPARK Future shares (Donation). The organization(s) selected by the shareholder for the Donation must be tax-exempt pursuant to section 501(c)(3) under the Internal Revenue Code of 1986, as amended, and determined by BNY to be eligible (Eligible Organizations). The Donation will be based on an amount representing 10% of BNYIA's net revenue attributable to the fund's SPARK Future shares. 'Net revenue' represents the management fee paid by the fund to BNYIA, after any fee waivers and/or expense reimbursements by BNYIA, with respect to SPARK Future shares, and will be paid from BNYIA's own past profits."
In other news, a press release titled, "Franklin Templeton and MoonPay Partner to Expand Institutional Access to Tokenized Money Market Funds," states, "Franklin Templeton and MoonPay ... announced a strategic partnership to make tokenized financial products more accessible and usable across the onchain financial ecosystem. The initial integration connects `Franklin Templeton's Benji Technology Platform with MoonPay Trade's institutional trading infrastructure, allowing eligible institutional users to move between supported stablecoins and Franklin Templeton tokenized money market fund exposure through a fully onchain execution experience. Adding BENJI to MoonPay Trade serves as one of MoonPay's first expansions beyond crypto, fiat, and stablecoins, introducing a new use case at the intersection of stablecoins, tokenized funds, and onchain capital markets."
It tells us, "By using MoonPay Trade's existing quote, routing, execution, and network, the partnership is designed to make Franklin Templeton's tokenized money market fund suite easier to use across institutional onchain workflows. For existing holders, it creates another pathway back into stablecoin liquidity, supporting greater flexibility across onchain treasury, liquidity management, portfolio rebalancing, and collateral-adjacent use cases."
Sandy Kaul, Head of Innovation and Digital Assets at Franklin Templeton, comments, "Tokenized money market funds only become more useful when they can move with the speed and programmability of the broader digital asset ecosystem. For us, leadership in this space means doing the work to make that unlock possible, and teaming up with MoonPay creates another trusted gateway for institutions to move between stablecoin liquidity and tokenized fund exposure."
The release continues, "The partnership also builds on Franklin Templeton's long-standing commitment to developing regulated, blockchain-enabled investment solutions and expanding their utility within institutional workflows, while marking an important step in MoonPay Trade's expansion into tokenized finance and real-world asset infrastructure.... This partnership is expected to serve as the foundation for a broader strategic relationship between Franklin Templeton and MoonPay, focused on expanding trusted access to onchain financial markets."
Caroline Pham, CEO of MoonPay Institutional, adds, "Digital assets like tokenized money market funds provide benefits like improved liquidity and capital efficiency, but only if institutions have access to the onchain financial ecosystem. MoonPay's strategic partnership with Franklin Templeton on liquidity and collateral solutions showcases the latest innovations driving institutional adoption of digital assets."
Finally, Fitch Ratings recently published "U.S. Money Market Funds Monitor: 1Q26," which tells us, "Total taxable money market fund (MMF) assets increased by $88.9 billion from December 31, 2025, to March 31, 2026, reaching $8.04 trillion, according to Crane Data. However, quarter-end assets were down from an intra-quarter high of approximately $8.12 trillion on March 10, driven primarily by the corporate tax date in the U.S. Over the quarter, Government MMFs gained $31.0 billion in assets, Treasury MMFs gained $25.7 billion, and Prime MMFs gained $32.3 billion."
It continues, "Taxable MMFs increased exposure to Agencies by $86.0 billion during the quarter, while Treasury and Repo exposures dropped by $110.9 billion and $59.5 billion, respectively. The change was primarily driven by robust US agency issuance in the market reaching $418.8 billion through March 2026, representing a 9.4% increase year over year for the quarter according to SIFMA. However, within Prime MMFs, allocations shifted further into direct Treasury exposure, increasing by approximately $50.9 billion (42% from 4Q25) over the quarter to $172.5 billion. The 1Q26 Treasury exposure within Prime MMFs represents a significant increase of $109.4 billion, approximately 173%, from a 1Q25 exposure of $63.1 billion."
Fitch adds, "As of March 31, 2026, institutional government and prime MMF net yields were 3.47% and 3.59%, respectively, down 12 bps and 10 bps from the prior quarter. The Fed's three rate cuts in late 2025 drove the decline by lowering front-end rates and pressuring reinvestment yields through 1Q26. WAM and WAL edged modestly higher as managers repositioned portfolios with expectations of delays in Fed cuts, while preserving liquidity. The Fed maintained its policy rate during the quarter, as elevated inflation and economic uncertainty continued to influence market expectations."
Barron's writes again on Sweeps and AI in "How AI Could Kill Charles Schwab and the Brokerage Industry's Cash Cow." The article says, "Charles Schwab spent a good chunk of its six-hour-long investor day on May 14 explaining to analysts and shareholders how the company is using artificial intelligence to boost its business. Investors, however, are far more focused on whether AI poses a threat to the substantial profits Schwab derives from so-called sweep cash, the money that clients hold in brokerage accounts that earn almost no interest. AI could change that equation by powering tools that allow investors to automatically move idle cash from their brokerage account to money-market funds or other higher-yielding accounts that are far less profitable for Schwab, as well as other brokerages that derive profits from customers' cash."
They explain, "The AI threat more broadly -- that customers would migrate from traditional financial services to AI start-ups—has been weighing on shares of Schwab, LPL Financial, Raymond James Financial, and Ameriprise Financial this year despite generally strong earnings growth. But the cash sweep issue is particularly nettlesome."
Barron's writes, "JPMorgan Chase, the nation's largest bank, kicked off the latest round of hand-wringing in April when it disclosed that it is developing an AI-powered tool that would help customers automatically move money from their checking or savings accounts to higher-yielding options. Schwab currently pays customers just 0.01% in interest on cash held in sweep accounts. Large money-market funds pay an average of 3.44%, according to Crane Data."
They state, "Analysts estimate that profits from sweep accounts contribute to a sizable chunk of profits, although amounts vary, totaling from 40% to 100% of firmwide pre-provision net revenue -- that is, earnings before setting aside funds for loan defaults or credit losses, according to Wolfe Research analyst Steven Chubak."
The piece continues, "At Schwab, which operates a bank, sweep cash contributes to bank deposit account fees and net interest income, which is the difference between the interest paid to customers on their deposits and what the company earns on interest-bearing assets such as fixed-income securities and loans. Almost half of Schwab's $6.5 billion in total revenue for the first quarter came from net interest income. Put another way, that's more than 100% of Schwab’s reported first-quarter net income of $2.5 billion."
It tells us, "Then there is LPL. It doesn't operate a bank; instead, it places customer deposits with partner banks that pay LPL a fee. Revenue generated from client cash -- including sweep accounts and money-market accounts -- came to $1.66 billion for 2025, according to the company's annual report."
Barron's comments, "Details about JPMorgan's forthcoming cash optimization tool are hazy, and a spokesman declined to provide more information. But other firms could easily develop their own, creating competitive pressure to add one. During his investor day presentation, Schwab CEO Rick Wurster said the company doesn't plan to offer its own cash optimization tool, noting that clients can already move money from sweep accounts to a variety of higher-paying options such as money-market funds. The company also said strong lending activity this year can support net interest margin growth."
They add, "On recent first-quarter earnings calls, other CEOs have also played down the AI threat to cash profits. LPL CEO Rich Steinmeier said he didn't see 'an imminent risk.' Raymond James CEO Paul Shoukry said it wasn't much more than 'an incremental threat,' and more a concern for online brokerage firms than for companies like his, where the client has a relationship with a financial advisor."
For more on AI and cash sweeps, see our recent Crane Data News stories: "LPL Sees No AI Risk of Cash Sorting" (5/4/26), "Raymond James Call Responds to 'Agentic AI Cash Sweep Optimization'" (4/24/26), "Barron's on Schwab AI Sweeps Worries" (4/21/26), "Earnings: JP Morgan Talks AI Cash Allocation Tool; BNY on Tokenization" (4/20/26), "Schwab Says AI a Tailwind, Not a Threat to Cash Sweeps on Q1 Update" (4/17) and "Morgan Stanley Q1 Call: AI & Sweeps" (4/16).
In related news, money fund yields (7-day, annualized, simple, net) were up 2 basis points to 3.44% on average during the week ended Friday, May 29 (as measured by our Crane 100 Money Fund Index), after decreasing two bps the week prior. Fund yields hadn't been below 3.5% since November 2022, and they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) since the Fed left short-term rates unchanged five weeks ago. Yields were 3.47% on 4/30/26 and 3/31/26, 3.49% on 2/28/26, 3.50% on 1/31/26, 3.58% on 12/31/25, 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23.
The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 710), shows a 7-day yield of 3.35%, up 3 bps in the week through Friday. Prime Inst money fund yields were up 3 bps at 3.58% in the latest week. Government Inst MFs were up 4 bps at 3.44%. Treasury Inst MFs were up 2 bps at 3.41%. Treasury Retail MFs currently yield 3.18%, Government Retail MFs yield 3.16% and Prime Retail MFs yield 3.35%, Tax-exempt MF 7-day yields were down 14 bps to 1.56%.
Money market mutual fund assets have now hit an all-time record high of $8.292 trillion on May 29, the previous record of $8.281 trillion was seen the day before (5/28), and prior to that, $8.280 trillion on March 18, according to our Money Fund Intelligence Daily. Assets have jumped $84.8 billion in the week through Friday, and they've increased by $208.6 billion in May month-to-date (through 5/29). MMF assets decreased by $108.8 billion in April, $49.3 billion in March, increased by $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November, $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose by $63.7 billion in July, $6.7 billion in June and $100.9 billion last May. Weighted average maturities were at 42 days for the Crane MFA and 44 days the Crane 100 Money Fund Index.
According to Monday's Money Fund Intelligence Daily, with data as of Friday (5/29), just 177 money funds (out of 821 total) yield under 3.0% with $231.1 billion in assets, or 2.8%, while the vast majority (644) of funds yield between 3.00% and 3.99% ($8.061 trillion, or 97.2%). No funds yield over 4.0%.
Our Brokerage Sweep Intelligence Index, an average of FDIC-insured cash options from major brokerages, was unchanged at 0.29%, after falling 1 bp the week prior. The latest Brokerage Sweep Intelligence, with data as of May 29, shows no changes over the past week. Four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, which shows that total money fund assets decreased by $102.3 billion in April 2026 to $8.188 trillion, after falling to $8.290 trillion the month prior and hitting a record high $8.341 trillion two months prior. The SEC shows Prime MMFs decreased $26.2 billion in April to $1.356 trillion, Govt & Treasury funds decreased $75.9 billion to $6.680 trillion and Tax Exempt funds decreased $0.3 billion to $151.6 billion. Taxable yields were mixed in April, while Tax Exempt MMFs yields were higher. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets decreasing $99.0 billion in April 2026 to $8.099 trillion. In May month-to-date through 5/28, total money fund assets have increased by $197.6 billion to a record high $8.281 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
April's asset decrease follows a decrease of $50.7 billion in March, an increase of $123.7 billion in February, $36.6 billion in January, $125.0 billion in December, $125.1 billion in November, $153.2 billion in October, $106.0 billion in September, $138.0 billion in August, $60.2 billion in July, $4.3 billion in June, $94.9 billion in May and a decrease of $17.5 billion last April. Over the 12 months through 4/30/26, total MMF assets have increased by $814.1 billion, or 11.0%, according to the SEC's series.
The SEC's stats show that of the $8.188 trillion in assets, $1.356 trillion was in Prime funds, down $26.2 billion in April. Prime assets were down $0.5 billion in March, up $18.2 billion in February, $22.4 billion in January, $1.2 billion in December, $3.1 billion in November, $9.1 billion in October, $6.2 billion in September, $20.2 billion in August, $22.7 billion in July, $9.8 billion in June, $11.8 billion in May and $2.3 billion last April. Prime funds represented 16.6% of total assets at the end of April. They've increased by $97.9 billion, or 7.8%, over the past 12 months. (Note that the SEC's series includes a number of internal money funds not tracked by ICI, though Crane Data includes most of these assets in its collections.)
Government & Treasury funds totaled $6.680 trillion, or 81.6% of assets. They decreased $75.9 billion in April, decreased $52.0 billion in March, increased $104.5 billion in February, increased $23.1 billion in January, increased $117.3 billion in December, increased $115.4 billion in November, increased $142.1 billion in October, increased $97.8 billion in September, increased $118.1 billion in August, increased $39.0 billion in July, decreased $0.7 billion in June, increased $82.7 billion in May and decreased $25.1 billion last April. Govt & Treasury MMFs are up $711.5 billion over 12 months, or 11.9%. Tax Exempt Funds decreased $0.3 billion to $151.6 billion, or 1.9% of all assets. The number of money funds was 289 in April, up 2 from the previous month and up 12 funds from a year earlier.
Yields for Taxable MMFs were mixed while Tax Exempt MMFs were up in April. The Weighted Average Gross 7-Day Yield for Prime Institutional Funds on April 30 was 3.82%, up 1 bp from the prior month. The Weighted Average Gross 7-Day Yield for Prime Retail MMFs was 3.82%, unchanged from the previous month. Gross yields were 3.71% for Government Funds, unchanged from last month. Gross yields for Treasury Funds were down 1 bp at 3.71%. Gross Yields for Tax Exempt Institutional MMFs were up 101 basis points to 3.53% in April. Gross Yields for Tax Exempt Retail funds were up 79 bps to 3.29%.
The Weighted Average 7-Day Net Yield for Prime Institutional MMFs was 3.73%, up 2 bps from the previous month and down 64 bps from 4/30/25. The Average Net Yield for Prime Retail Funds was 3.56%, up 1 bp from the previous month and down 66 bps since 4/30/25. Net yields were 3.50% for Government Funds, unchanged from last month. Net yields for Treasury Funds were down 1 bp from the previous month at 3.50%. Net Yields for Tax Exempt Institutional MMFs were up 100 bps from March to 3.41%. Net Yields for Tax Exempt Retail funds were up 79 bps at 3.07% in April. (Note: These averages are asset-weighted.)
WALs and WAMs were mixed in April. The average Weighted Average Life, or WAL, was 66.3 days (up 2.8 days) for Prime Institutional funds, and 54.4 days for Prime Retail funds (up 2.7 days). Government fund WALs averaged 94.9 days (up 0.5 days) while Treasury fund WALs averaged 98.2 days (up 1.3 days). Tax Exempt Institutional fund WALs were 4.4 days (down 0.2 days), and Tax Exempt Retail MMF WALs averaged 26.9 days (down 2.1 days).
The Weighted Average Maturity, or WAM, was 40.6 days (up 3.2 days from the previous month) for Prime Institutional funds, 36.6 days (up 3.8 days from the previous month) for Prime Retail funds, 41.3 days (down 0.5 days from previous month) for Government funds, and 47.3 days (down 0.2 days from previous month) for Treasury funds. Tax Exempt Inst WAMs were unchanged at 4.4 days, while Tax Exempt Retail WAMs were down 2.2 days from previous month at 26.0 days.
Total Daily Liquid Assets for Prime Institutional funds were 49.7% in April (down 3.3% from the previous month), and DLA for Prime Retail funds was 47.6% (down 3.8% from previous month) as a percent of total assets. The average DLA was 59.1% for Govt MMFs and 94.3% for Treasury MMFs. Total Weekly Liquid Assets was 65.7% (down 0.3% from the previous month) for Prime Institutional MMFs, and 63.4% (up 0.3% from the previous month) for Prime Retail funds. Average WLA was 75.1% for Govt MMFs and 99.0% for Treasury MMFs.
Note that the SEC made a number of changes to their monthly release in April 2025, so we're no longer publishing a number of tables. A press release titled, "SEC Publishes New Data and Analysis About Registered Investment Companies and Money Market Funds," states, "The Securities and Exchange Commission ... published new data and analysis in a pair of reports that provide the investing public with updated key information about registered investment companies and money market funds. 'It is important that the Commission publicly shares the information it collects in a clear and transparent way,' says Acting Chairman Mark Uyeda. 'These two reports will provide the public with key information about the approximately $41.5 trillion investors trust to funds and the approximately $7.39 trillion invested in money market funds.'"
The SEC says, "Money Market Fund Statistics is an enhanced version of the money market funds report generated by the Division of Investment Management. This report contains additional statistical analysis and enhancements, as well as certain metrics based on Form N-MFP data. The modifications to the report are designed to further facilitate the public's ability to efficiently review, digest, and use aggregate information about the money market fund industry by including summaries of more money market fund data, including information about internal affiliated funds, portfolio investments, flows, and industry concentration. The report extends the downloadable historical statistical series of data back to 2010."
Tim Husson, who leads the SEC's Division of Investment Management's Analytics Office, adds, "Forms N-MFP and N-CEN provide insights into key areas of the investment company industry. The reports reflect our continued dedication to enhance the public's use of important information about the industry."
