News Archives: September, 2026
Crane Data's latest monthly Money Fund Market Share rankings show assets higher among the largest U.S. money fund complexes in August, after being lower in July. Assets have increased in 22 of the past 26 months (April 2025, March 2026, April 2026 and July 2026 saw declines). Money market fund assets rose by $71.0 billion, or 0.9%, last month to a record $8.385 trillion. Total MMF assets increased by $83.6 billion, or 1.0%, over the past 3 months, and they've increased by $777.5 billion, or 10.2%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, Invesco, JPMorgan, BlackRock and Schwab, which grew assets by $42.4 billion, $40.0B, $26.5B, $9.2B and $7.2B, respectively. Declines in August were seen by SSIM, BNY Dreyfus, American Funds, Allspring and Northern, which decreased by $26.5 billion, $13.8B, $11.8B, $7.6B and $7.3B, 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 higher in August.
Over the past year through Aug. 31, 2026, Fidelity (up $177.4B, or 11.1%), JPMorgan (up $154.7B, or 19.0%), Invesco (up $69.7B, or 44.0%), SSIM (up $69.4B, or 29.5%) and BlackRock (up $67.4B, or 10.2%) were the largest gainers. Invesco, Fidelity, JPMorgan, BlackRock and Schwab had the largest asset increases over the past 3 months, rising by $64.7B, $50.3B, $46.8B, $11.9B and $7.8B, respectively. The largest decline over 12 months was seen by: Allspring (down $14.5B), American Funds (down $7.6B), AB (AllianceBernstein) (down $4.0B), RBC (down $3.4B) and PGIM (down $1.8B). The largest declines over 3 months included: Vanguard (down $31.2B), SSIM (down $21.0B), BNY Dreyfus (down $19.4B), American Funds (down $12.7B) and Allspring (down $11.4B).
Our latest domestic U.S. Money Fund Family Rankings show that Fidelity Investments remains the largest money fund manager with $1.770 trillion, or 21.1% of all assets. Fidelity was up $42.4B in August, up $50.3B over 3 mos., and up $177.4B over 12 months. JPMorgan ranked second with $970.5 billion, or 11.6% market share (up $26.5B, up $46.8B and up $154.7B for the past 1-month, 3-mos. and 12-mos., respectively). Vanguard ranked in third place with $747.5 billion, or 8.9% of assets (up $638M, down $31.2B and up $41.4B). BlackRock ranked fourth with $731.4 billion, or 8.7% market share (up $9.2B, up $11.9B and up $67.4B), while Schwab was the fifth largest MMF manager with $700.9 billion, or 8.4% of assets (up $7.2B, up $7.8B and up $36.2B for the past 1-month, 3-mos. and 12-mos.).
Federated Hermes was in sixth place with $505.9 billion, or 6.0% (up $2.3B, down $8.3B and up $3.9B), while Goldman Sachs was in seventh place with $460.3 billion, or 5.5% of assets (up $676M, up $6.3B and up $48.2B). Morgan Stanley ($343.6B, or 4.1%) was in eighth place (up $2.4B, down $6.2B and up $63.9B), followed by BNY Dreyfus ($336.0B, or 4.0%; down $13.8B, down $19.4B and up $22.7B). SSIM was in 10th place ($304.8B, or 3.6%; down $26.5B, down $21.0B and up $69.4B).
The 11th through 20th-largest U.S. money fund managers (in order) include: Invesco ($228.0B, or 2.7%), Allspring ($208.8B, or 2.5%), Northern ($202.4B, or 2.4%), First American ($201.8B, or 2.4%), American Funds ($155.4B, or 1.9%), UBS ($121.5B, or 1.4%), HSBC ($55.8B, or 0.7%), T Rowe Price ($50.4B, or 0.6%), Franklin Templeton ($50.3B, or 0.6%) and DWS ($45.4B, 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. 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 ($1.797 trillion), JP Morgan ($1.302 trillion), BlackRock ($1.091 trillion), Vanguard ($747.5B) and Schwab ($700.9B). Goldman Sachs ($640.6B) was in sixth, Federated Hermes ($525.6B) was seventh, followed by Morgan Stanley ($465.2B), BNY Dreyfus ($401.4B) and SSIM ($365.6B), 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 September issue of our Money Fund Intelligence and MFI XLS, with data as of 8/31/26, shows that yields were up in August across most of the Crane Money Fund Indexes. The Crane Money Fund Average, which includes all taxable funds covered by Crane Data (currently 763), was 3.41% (up 1 bp) for the 7-Day Yield (annualized, net) Average, the 30-Day Yield was up 2 bps to 3.39%. The MFA's Gross 7-Day Yield was at 3.76% (up 1 bp), and the Gross 30-Day Yield was up 2 bps at 3.75%. (Gross yields will be revised once we download the SEC's Form N-MFP data for 8/31/26 on Wednesday.)
Our Crane 100 Money Fund Index shows an average 7-Day (Net) Yield of 3.51% (up 1 bp) and an average 30-Day Yield at 3.50% (up 2 bps). The Crane 100 shows a Gross 7-Day Yield of 3.77% (up 1 bp), and a Gross 30-Day Yield of 3.76% (up 2 bps). Our Prime Institutional MF Index (7-day) yielded 3.62% (up 1 bp) as of August 31. The Crane Govt Inst Index was at 3.50% (up 1 bp) and the Treasury Inst Index was at 3.48% (up 1 bp). Thus, the spread between Prime funds and Treasury funds is 14 basis points, and the spread between Prime funds and Govt funds is 12 basis points. The Crane Prime Retail Index yielded 3.38% (up 1 bp), while the Govt Retail Index was 3.22% (up 1 bp), the Treasury Retail Index was 3.25% (up 1 bp from the month prior). The Crane Tax Exempt MF Index yielded 2.08% (down 6 bps) at the end of August.
Gross 7-Day Yields for these indexes to end August were: Prime Inst 3.85% (up 1 bp), Govt Inst 3.74% (up 1 bp), Treasury Inst 3.75% (up 1 bp), Prime Retail 3.86% (up 1 bp), Govt Retail 3.74% (up 1 bp) and Treasury Retail 3.75% (up 1 bp). The Crane Tax Exempt Index fell to 2.47% (down 6 bps). The Crane 100 MF Index returned on average 0.30% over 1-month, 0.88% over 3-months, 2.26% YTD, 3.67% over the past 1-year, 4.45% over 3-years annualized, 3.56% over 5-years, and 2.27% over 10-years.
The total number of funds, including taxable and tax-exempt, was up 5 in August at 874. There are currently 763 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 September issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Tuesday morning, features the articles: "WSJ: Investors Cling to Cash; MMFs Not Trailing Inflation," which reviews recent coverage of investors holding cash in money market funds; "European Money Fund Assets Hit Record $1.7 Tril.; Holdings," which reviews the latest MFI International asset and portfolio holdings data; and "Digital Deals Proliferate: New Focus on Asia, Corporates," which covers new tokenized fund and digital cash deals. We also sent out our MFI XLS spreadsheet Tuesday a.m., and we've updated our Money Fund Wisdom database with 8/31/26 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Thursday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Tuesday, Sept. 15. (Note: We still have a few seats left for our upcoming European Money Fund Symposium, which will take place in just over 2 weeks -- Sept. 24-25 in Paris, France!)
MFI's "WSJ Says Investors Clinging to Cash" story says, "The Wall Street Journal posted an article titled, 'Wealth Management Has a $3 Trillion Problem: Investors Are Keeping Too Much Cash.' Subtitled, 'Advisers are pitching bonds and other investments, but many prefer to keep cash in money-market funds,' it tells us, ‘Since Don Ross retired as an airline pilot a decade ago, all the financial planners he has spoken with have wanted him to invest his cash. He isn't sold. He is keeping 85% of his portfolio in stocks and the rest in a money-market fund yielding 3.62%. Ross looked at historical bear markets and determined they typically don't last longer than three years. He keeps enough of his portfolio in cash to comfortably get himself through that period, and he sells stocks when he needs to replenish his cash pile.'"
It continues, "The piece says, 'He is among the investors giving headaches to the money managers who want them to part ways with their cash. Individual investors are sitting on a mountain of it. There is over $3 trillion in retail money-market funds, hovering around a record high, according to the Investment Company Institute. (And that doesn't include the trillions of institutional dollars sitting in money-market funds.)'"
We write in our "European MF" article, "Crane Data’s latest Money Fund Intelligence International shows that assets in European or 'offshore' money market mutual funds increased over the month of August to $1.689 trillion. They broke above $1.7 trillion on the first day of September, rising to a record $1.707 trillion. Assets for USD and EUR MMFs rose but GBP MMFs fell over the past month. Yields were up across all three major currencies. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026."
The story continues, "These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $20.1 billion over the month of August. The totals are up $104.8 billion, or 6.6%, 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.)"
Our "Digital Deals" story says, "In addition to the flurry of tokenized money fund and stablecoin reserve money fund launches we've seen, a number of 'digital deals' have also been announced. The latest press release is, 'Federated Hermes enters strategic alliance with Conduit Digital Holdings on tokenized money market fund in Asia Pacific,' which tells us, 'Federated Hermes, Inc. (FHI) ... announced a strategic alliance with Singapore-based Conduit Digital Holdings Pte Ltd, part of the Conduit Group, to support the launch of a regulated tokenized distribution structure in APAC. Under this arrangement, the Conduit-managed investment fund will invest in the Federated Hermes Short-Term U.S. Prime Fund. Shares of the Conduit fund, which provide exposure to the underlying Federated Hermes fund, will then be tokenized and offered to institutional and wholesale investors, in APAC.'"
It continues, "Another release, 'HashKey Exchange and Franklin Templeton to Bring On-Chain U.S. Government Liquidity Fund to Asia,' tells us, ‘HashKey Holdings Limited ... announced that its licensed trading platform, HashKey Exchange ... announced a collaboration with established global asset manager Franklin Templeton to distribute its flagship tokenized money market fund, Franklin OnChain U.S. Government Liquidity Fund (BENJI), to digital asset investors in Asia.'"
MFI also includes the News brief, "MMF Assets Rebound to Record Levels in August." It says, "Our MFI XLS shows MMF assets jumping $78.5 billion in August to a record $8.376 trillion. Meanwhile, ICI's separate and smaller weekly 'Money Market Fund Assets" series shows MMFs rebounding $44.8 billion to a record $7.979 trillion in the latest week (ended 9/2)."
Another News brief, "Cunningham on Flows," says, "A Commentary piece was posted on Reuters which asks, 'What's really driving flows into the $13.5 trillion money market pool?' Written by Federated Hermes' Deborah Cunningham, it tells us, 'Money market fund assets hit a record $13.5 trillion in the first quarter. [Crane Data Note: This is a worldwide total and not just U.S. MMFs.] This upward trend began over four years ago, at a point in the rate cycle that historically heralded outflows from the asset class. So, what is driving these continued inflows?'"
A third News brief, "T. Rowe on Stable Value vs. MMFs," says, "T. Rowe Price published, 'Resetting expectations: Why stable value makes sense in today's dynamic markets,' which tells us, 'The debate between stable value portfolios and money market funds has reignited, as defined contribution (DC) consultants expect increased plan sponsor interest in reviewing/revisiting their plans' capital preservation investment options. This is largely driven by today's interest rate environment, in which money market fund yields have outpaced stable value crediting rates over the past three years -- a dynamic rarely seen over the past 3 decades.'"
A sidebar, "Latest S&P, Fitch Updates," says, "S&P Global Ratings published 'U.S. Domestic 'AAAm' Money Market Fund Trends (Second-Quarter 2026)' recently, which tells us, 'Rated government and prime MMF assets grew to $4.8 trillion by the end of the second quarter. Rated government MMF assets increased 4.3% and rated prime MMF assets increased 0.8% during the first half of the year. Flows were in line with seasonal trends, where assets dipped during tax season before rebounding.'"
Our September MFI XLS, with August 31 data, shows total assets jumping $78.5 billion to $8.376 trillion, after falling $65.6 billion in July and increasing $49.5 billion in June. They increased $193.2 billion in May, decreased $102.1 billion in April and $56.6 billion in March, but increased $94.0 billion in February. Assets rose $38.5 billion in January, $123.5 billion in December, $129.3 billion in November, $141.5 billion in October, and $100.4 billion last September.
Our broad Crane Money Fund Average 7-Day Yield was up 1 bp at 3.40%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was up 1 bp at 3.51% in August. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.76% and 3.77%. 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 8/31/26 on Wednesday, 9/9.) The average WAM (weighted average maturity) for the Crane MFA was 38 days (unchanged) and the Crane 100 WAM was down 1 day from the previous month at 39 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets rising $44.8 billion to a record high $7.979 trillion. Assets rose $6.1 billion the previous week and increased $900 million the week before this. MMF assets are up by $720 billion, or 9.9%, over the past 52 weeks (through 9/2/26), with Institutional MMFs up $571 billion, or 13.3% and Retail MMFs up $149 billion, or 5.0%. Year-to-date in 2026, MMF assets are up by $246 billion, or 3.2%, with Institutional MMFs up $210 billion, or 4.5% and Retail MMFs up $36 billion, or 1.2%.
ICI's weekly release says, "Total money market fund assets increased by $44.75 billion to $7.98 trillion for the week ended Wednesday, September 2, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $38.80 billion and prime funds increased by $4.92 billion. Tax-exempt money market funds increased by $1.03 billion. ICI's stats show Institutional MMFs increasing $33.7 billion and Retail MMFs increasing $11.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.586 trillion (82.5% of all money funds), while Total Prime MMFs were $1.242 trillion (15.6%). Tax Exempt MMFs totaled $150.9 billion (1.9%).
It explains, "Assets of retail money market funds increased by $11.10 billion to $3.11 trillion. Among retail funds, government money market fund assets increased by $7.76 billion to $1.98 trillion, prime money market fund assets increased by $2.78 billion to $993.16 billion, and tax-exempt fund assets increased by $565 million to $137.92 billion." Retail assets account for 39.0% of the total, and Government Retail assets make up 63.7% of all Retail MMFs.
They add, "Assets of institutional money market funds increased by $33.66 billion to $4.87 trillion. Among institutional funds, government money market fund assets increased by $31.04 billion to $4.60 trillion, prime money market fund assets increased by $2.15 billion to $249.01 billion,and tax-exempt fund assets increased by $469 million to $13.00 billion." Institutional assets accounted for 61.0% of all MMF assets, with Government Institutional assets making up 94.6% of all institutional MMF totals.
According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $41.1 billion to $8.383 trillion month-to-date in September (as of 9/2), assets reached an all-time high of $8.404 trillion on July 6. Assets increased $52.8 billion in August, decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $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 and $105.2 billion last September. Note that `ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
- In other news, the Board of Governors of the Federal Reserve posted a "FEDS Notes"
- paper titled, "Repo Markets and the Fed's Balance Sheet: Implications for Monetary Policy Implementation." It explains, "As the Federal Reserve (Fed) navigates periods of balance sheet expansion and reduction, it has become increasingly important to understand how changes in the size and composition of Fed assets affect short-term funding markets. The overnight Treasury repo market is central to this relationship since it is a transmission channel through which balance sheet policy can affect money market conditions and, ultimately, the Fed's policy rate, the effective federal funds rate (EFFR). In addition, it serves as a vital funding source for Treasury market participants and provides a reference rate for trillions of dollars of financial contracts, so also acts as a key transmission channel for monetary policy to broader financial market conditions."
The post tells us, "In its December 2025 meeting, the FOMC determined that reserves had declined to ample levels and that it would purchase short-term Treasury securities to maintain an ample supply of reserves on an ongoing basis. As Anbil et al. (2024) outline, the size of the central bank's balance sheet that is consistent with an 'ample reserves' framework can be thought of as facing two constraints. The first arises from banks' reserve demand, which directly affects lending and borrowing behavior by banks in the federal funds market and, therefore, EFFR. The second, less studied constraint, arises from demand for liquidity by non-banks (i.e., dealers and levered investors) that are primarily active in repo markets. This note focuses on the second constraint and examines the mechanism through which Fed balance sheet policy influences repo market dynamics and why these dynamics matter for monetary policy implementation."
It continues, "The effect of the Fed's balance sheet on short-term interest rates works through two connected steps: First, when the Fed reduces the size of its balance sheet, overall liquidity declines while the private sector must hold more Treasury securities. This increases dealer financing needs alongside a reduction in the supply of funds available to lend in the repo market, putting upward pressure on repo rates. Second, these repo pressures can spill over to the federal funds market, potentially affecting EFFR even when bank reserves remain above banks' minimum level of demand. We provide empirical evidence for this mechanism and discuss key factors that affect the relationship between the Fed's balance sheet and repo market conditions, including the level of the policy rate, Treasury bill supply, dealer regulation, and Fed standing repo operations."
The Fed states, "On the demand side, both primary dealers and hedge funds borrow in repo to finance purchases of longer-dated, coupon-bearing Treasury securities. Therefore, there is a direct link between demand for repo borrowing and the quantity of Treasury coupon securities held by the private sector. If that quantity increases, such as on the days when Treasury coupon securities are issued, demand for repo borrowing also increases, putting upward pressure on repo rates."
The Fed piece says, "On the supply side, MMFs' available cash to lend is determined by their assets under management (AUM). Thus, an increase in AUM leads to an increase in repo lending supply, which puts downward pressure on repo rates. Additionally, MMFs invest a significant portion of their portfolios in Treasury bills, which are close substitutes for their lending in repo markets. Therefore, if Treasury bill supply held by the private sector increases, MMFs have less cash available to lend in repo markets, putting upward pressure on repo rates."
Finally, the paper adds, "The Federal Reserve's balance sheet is tightly linked to repo markets, as overall Fed liquidity supply affects borrowing demand by dealers and hedge funds and available funds to lend by MMFs. FHLB arbitrage between the repo and federal funds markets can lead to spillovers of repo market pressures to the federal funds market, directly affecting the Fed's policy rate. This mechanism makes repo market dynamics an important source of information about overall liquidity conditions in the financial system. The September 2019 episode demonstrated how quickly pressures in repo markets can build and affect the federal funds market when liquidity is scarce. Monitoring repo market conditions therefore complements other indicators of reserve ampleness in assessing the effect of the Fed's balance sheet policy on money markets."
A press release titled, "Federated Hermes enters strategic alliance with Conduit Digital Holdings on tokenized money market fund in Asia Pacific," tells us, "Federated Hermes, Inc. (FHI) ... announced a strategic alliance with Singapore-based Conduit Digital Holdings Pte Ltd, part of the Conduit Group, to support the launch of a regulated tokenized distribution structure in APAC. Under this arrangement, the Conduit-managed investment fund will invest in the Federated Hermes Short-Term U.S. Prime Fund. Shares of the Conduit fund, which provide exposure to the underlying Federated Hermes fund, will then be tokenized and offered to institutional and wholesale investors, in APAC." (Note: We're still taking registrations for our European Money Fund Symposium, which is in just 3 weeks -- Sept. 24-25, 2026 in Paris, France! We hope to see you there!)
It says, "For over 50 years, Federated Hermes has been a leader in money market innovation with US$676.9 billion in money market assets under management. The Federated Hermes Short-Term U.S. Prime Fund is an actively managed, UCITS-authorized money market fund that aims to provide current income while maintaining daily liquidity and a stable principal value. It invests primarily in high-quality, U.S. dollar-denominated short-term debt instruments like commercial paper and certificates of deposit."
The release explains, "Federated Hermes' strategic alliance with Conduit builds on a series of recent money market initiatives including: an alliance with UK-based Archax, an FCA-regulated digital securities exchange, to provide tokenized access to three UCITS money market funds; participation in an industry-wide, regulated initiative using mirrored tokenization to enhance transferability, collateral utility and real-time tracking of fund shares; and the launch of Federated Hermes' first GENIUS Act-aligned money market fund in the US, designed to support stablecoin reserve use cases, with potential for future tokenization/tokenized share classes."
It continues, "This announcement represents Federated Hermes' first digital assets initiative in APAC, demonstrating a continued commitment to the growing digital asset ecosystem in the market by enhancing visibility and supporting customer needs through its role as the underlying asset manager to this tokenized offering. Earlier this year, Federated Hermes announced plans to expand its Asia-Pacific footprint -- which includes existing offices in Singapore, Tokyo and Sydney -- with the opening of a Hong Kong office as part of a long-term growth strategy to deepen relationships with private banks, family offices, wealth intermediaries and institutional investors across the region."
Kevin Barr, the new Director of Digital Assets at Federated, comments, "We are excited to support innovative cash management solutions that better serve client needs, building on our legacy of innovation in the money market fund space. Vaults represent a compelling evolution in investment management, and we see a significant opportunity to bring our legacy of trust and fiduciary responsibility to this emerging space. We continue to explore on-chain distribution opportunities to enhance flexibility and accessibility, while preserving access to the stability and yield characteristics typically associated with money market funds. Today's announcement reflects our continued commitment to building a larger digital asset presence, leveraging one of our core strengths in liquidity management."
Federated Hermes' Head of Business Development, Asia Pacific and Australia, Jim Roland, states, "Tokenized products represent a new and evolving way to engage with our clients, combining our investment expertise with Conduit's MAS-regulated end-to-end tokenization capabilities and regional distribution network. Our customers in the APAC market are leading worldwide adoption of tokenization, making this strategically important region a highly receptive market the natural choice for the launch our latest digital assets initiative."
Conduit Digital Holdings' Richard Schroder, says, "We are delighted to work with Federated Hermes to have their U.S. Prime Fund as the anchor product of the CDH tokenized multicurrency money market offering. We are committed to unlocking the full utility of these tokens -- moving beyond simple settlement to enable use as collateral, multicurrency management, and integration into AI agentic treasury management systems. This is where the real efficiency gains for our customers lie, and we are building the infrastructure to make that a reality."
Chris O'Meara, CEO of Conduit Asset Management and Chairman of the Conduit Group, adds: "This collaboration with Federated Hermes marks a defining moment for the Conduit Group. Conduit Digital Holdings sits at the heart of our vision for the future of asset management in Asia-Pacific -- bringing institutional-grade products onchain through regulated, MAS-licensed infrastructure. As investment manager to the fund, Conduit Asset Management is proud to combine our fiduciary oversight with the strength of an active manager with over 50 years of money market leadership. The Group is fully committed to Conduit Digital Holding's growth, and this launch is only the first step in building the institutional access layer for tokenized real-world assets across the region."
For more on Tokenized Money Market Funds, see these recent Crane Data News stories: "Weekly Money Fund Portfolio Holdings; Hashkey Adds Franklin OnChain" (8/26/26), "August MFI: Tokenized MMFs; Q2'26 Earnings Calls; Federated's Donahue" (8/7/26), "Stablecoin Reserves Recap by ignites; BlackRock Tokenizes Offshore MFs" (8/5/26), "BlackRock Launches BRSRV Tokenized Money Fund; Aviva Tokenized USD" (8/4/26), "Federated's Donahue, Cunningham on MMF Market Share, Digital, Rates" (8/3/26), "State Street Q2'26 Earnings Call on Tokenized MMFs, Stablecoin Reserves" (7/20/26), "MMF Assets Plunge to $7.9 Trillion; ICI on Tokenization and Asset Mgmt" (7/17/26), "BlackRock Talks Tokenization on Call" (7/16/26), "S&P Rates Franklin Onchain U.S. Government Money Fund (BENJI) AAAm” (6/25/26), "Fitch Primer on Fund Tokenization" (6/11/26), "Moody's Rates BlackRock BUIDL and Fidelity USD Digital Liquidity AAA" (5/20/26), "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" (3/25/26), "OMFIF on Tokenised Money Funds" (3/18/26), "Federated's Donahue Talks Tokenized Money Funds" (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).
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 Aug. 28) includes Holdings information from 55 money funds (down 12 from a week ago), or $3.725 trillion (down from $4.169 trillion) of the $8.364 trillion in total money fund assets (or 44.5%) 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 Aug. 12 News, "August Portfolio Holdings: Assets Flat; Treasuries Jump, Repo Plunges.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $1.813 trillion (down from $1.925 trillion a week ago), or 48.7%; Repurchase Agreements (Repo) totaling $1.248 trillion (down from $1.446 trillion a week ago), or 33.5%, and Government Agency securities totaling $416.2 billion (down from $460.9 billion a week ago), or 11.2%. Commercial Paper (CP) totaled $114.7 billion (down from $149.3 billion a week ago), or 3.1%. Certificates of Deposit (CDs) totaled $49.2 billion (down from $69.8 billion a week ago), or 1.3%. The Other category accounted for $45.2 billion or 1.2%, while VRDNs accounted for $38.6 billion or 1.0%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $1.813 trillion, Fixed Income Clearing Corp with $357.1B, the Federal Home Loan Bank with $251.1B, JP Morgan with $125.5B, Citi with $101.9B, Federal Farm Credit Bank with $96.2B, BNP Paribas with $85.0B, RBC with $84.6B, Wells Fargo with $76.1B and Credit Agricole with $48.0B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($362.8B), JPMorgan US Govt MM ($346.5B), Fidelity Inv MM: Govt Port ($281.5B), Goldman Sachs FS Govt ($272.1B), State Street Inst US Govt ($210.4B), Morgan Stanley Inst Liq Govt ($208.0B), Fidelity Inv MM: MM Port ($162.7B), Dreyfus Govt Cash Mgmt ($158.7B), Fidelity Inv MM: Treas Only ($144.6B) and Invesco Govt & Agency ($126.5B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, a Commentary piece was posted on Reuters which asks, "What's really driving flows into the $13.5 trillion money market pool?" Written by Federated Hermes' Deborah Cunningham, it tells us, "Money market fund assets hit a record $13.5 trillion in the first quarter. [Crane Data Note: This is a global total and not just U.S. MMFs.] This upward trend began over four years ago, at a point in the rate cycle that historically heralded outflows from the asset class. So, what is driving these continued inflows and how does this shape how investors view this ever-growing pool of liquid capital?"
She explains, "MMFs that invest in short-term, high-quality debt -- like Treasury bills -- have enjoyed extraordinary growth since mid-2022. While estimates vary, U.S. MMF assets have surged approximately 58% to 65% since December 2022. Global holdings in this asset class have also now climbed to a whopping 15% of worldwide regulated open-end fund assets."
The piece continues, "From March 2022 to July 2023, MMFs were primarily riding the wave of the aggressive Federal Reserve rate-hiking cycle. The U.S. central bank sought to curb post-pandemic inflation by lifting the fed funds rate to its highest levels in decades, which made the short end of the yield curve particularly attractive. These inflows were largely driven by retail investors. Capital poured into MMFs from savers seeking yields above those offered by standard bank deposits."
It says, "Conventional wisdom based on the aftermath of the 2018 to 2019 hiking cycle -- when MMFs experienced significant withdrawals -- suggested those post-pandemic flows would reverse once central banks pivoted to cutting rates. However, that has not materialised. While the Fed has cut rates since 2024, industry-wide MMF assets have kept growing."
Cunningham writes, "This initially reflected the structure of these funds. Money market portfolios typically operate a 'laddered' strategy -- investing in securities of different maturities. This means yields on these portfolios typically decline more slowly than market rates. Over the past two years, however, the massive inflows have instead reflected a shift in both investment strategy and capital sources."
She adds, "From mid-2023 onward, flows were increasingly driven by institutions seeking a haven from potential volatility in equity markets and longer-term fixed income markets. During a period of heightened macroeconomic and geopolitical uncertainty -- marked by trade wars and actual wars -- institutional investors were reminded of the enduring value of security, liquidity and operational certainty."
Finally, Cunningham says, "In short, yield is no longer the sole or even the primary rationale for holding cash in these vehicles. MMFs have instead become a strategic defensive sleeve within cash portfolios. Moreover, inflows now reflect a mix of retail and institutional cash, with a notable new contributor: corporate cash from the unprecedented cycle of AI-related capital raising."
Money fund yields (7-day, annualized, simple, net) were up 1 basis point to 3.50% on average during the week ended Friday, August 28 (as measured by our Crane 100 Money Fund Index), after being unchanged the week prior. Fund yields should remain flat in coming days (and weeks) unless and until the Fed moves rates higher. Yields were 3.49% on 7/31/26, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. (Note: We're still taking registrations for our European Money Fund Symposium, which is in just over 3 weeks -- Sept. 24-25, 2026 in Paris, France! We hope to see you there!)
The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 725), shows a 7-day yield of 3.41%, up 1 bp in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.61% in the latest week. Government Inst MFs were up 1 bp at 3.50%. Treasury Inst MFs were unchanged at 3.48%. Treasury Retail MFs currently yield 3.25%, Government Retail MFs yield 3.22% and Prime Retail MFs yield 3.39%, Tax-exempt MF 7-day yields were down 3 bps to 2.03%.
Assets increased $12.4 billion in the week through Friday, and they've increased by $75.4 billion in August month-to-date (through 8/28). But assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased by $61.4 billion in July, increased by $58.6 billion in June, $208.6 billion in May, 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 last August.
Weighted average maturities were at 39 days for the Crane MFA and 39 days the Crane 100 Money Fund Index. According to Monday's Money Fund Intelligence Daily, with data as of Friday (8/28), just 159 money funds (out of 836 total) yield under 3.0% with $190.4 billion in assets, or 2.3%, while the vast majority (677) of funds yield between 3.00% and 3.99% ($8.174 trillion, or 97.7%). 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 fourteen weeks prior. The latest Brokerage Sweep Intelligence, with data as of August 28, 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.
In other news, Silicon Valley Bank (SVB) published a "`Fixed Income Strategy" piece titled, "Options for Excess Cash: Balancing Liquidity, Risk and Yield." They write, "Some investors may be fretting about inflation data and a Federal Reserve that is signaling a more restrictive monetary policy stance. Certainly, that's how the US Treasury curve has interpreted the situation. However, the flip side is that the current environment now offers investors the potential to capture more attractive yields in a variety of ways. As interest rates remain elevated relative to the past decade, treasury teams are reevaluating how they manage excess cash. Which path is right for you? Let’s take a closer look at some of today's viable options."
The piece continues, "While preserving principal and maintaining liquidity remain paramount, many organizations are asking whether they can generate additional income without taking undue risk. Thus, understanding the differences between government money market funds, short-duration bond funds and SMAs can help organizations align their cash investment strategy with their liquidity needs and risk tolerance. In our experience, companies in the innovation economy are taking a closer look at what to do with excess cash in a business environment -- specifically, how to generate income without compromising the liquidity their operations require. The key challenge for many of these organizations is balancing uncertain operating timelines with the desire to earn additional income on strategic cash reserves."
It tells us, "The primary distinction among these investment options is the trade-off between liquidity, principal stability and income potential. Finding that sweet spot is key. As investors move from government money market funds toward SMAs and short-duration bond funds, the opportunity for additional income generally increases along with interest rate risk, credit risk and liquidity risk. A useful way to understand this trade-off is through net asset value (NAV), which represents the market value of a fund's holdings on a per-share basis."
SVB states, "For organizations weighing where to put excess cash, the answer depends on the intended purpose and time horizon of each cash tranche. So how do you determine which option best fits your needs? In general, government money market funds are great options for immediate cash needs, such as near-term payroll or one- to six-month operating cash needs. The primary goals are capital preservation, immediate liquidity and safety. They function as a cash management tool and are appropriate when funds may be needed in the near term."
They explain, "SMAs are often most appropriate for reserve cash that is not needed immediately but still requires a defined liquidity profile. By tailoring maturity limits, credit parameters and sector exposure with an SMA, organizations can seek incremental income while maintaining investment guidelines that align with their operational requirements. Cash expected to remain invested for six to 12 months may be invested differently than funds needed for near-term operations, potentially helping organizations earn additional income while maintaining appropriate liquidity."
The article adds, "Short-duration bond funds may be better suited if it's more important to capture potentially higher income while accepting a moderate level of interest rate and credit risk. This option can provide an effective balance between stability and return but with a longer investment horizon, usually 18+ months. In all likelihood, this would be better known as strategic cash or cash for longer-term deployment, as opposed to an immediate need such as covering payroll."
