Money Market News
The September issue of our flagship Money Fund Intelligence newsletter, which will be sent to subscribers Monday morning, features the articles: "Money Fund Assets' Blow Past $7.5 Trillion; on Way to $8.0?," which reviews the latest surge in MMF assets; "BNY Dreyfus, Goldman Both Launch Stablecoin Reserves," which reviews the new filings for Stablecoin Reserves money funds; and, "JPM on Offshore MMFs; European MFs Record $1.5T," which covers a recent update on money funds in Ireland. We also will send out our MFI XLS spreadsheet Monday a.m., and we've updated our Money Fund Wisdom database with 8/31/25 data. Our September Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Sept. 10, and our September Bond Fund Intelligence is scheduled to go out on Monday, Sept. 15.
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $52.4 billion to a record $7.259 trillion. MMFs rose $17.2 billion last week, $3.8 billion the week before and $33.3 billion 3 weeks ago. MMF assets are up by $959 billion, or 15.2%, over the past 52 weeks (through 9/3/25), with Institutional MMFs up $548 billion, or 14.6% and Retail MMFs up $411 billion, or 16.1%. Year-to-date, MMF assets are up by $409 billion, or 6.0%, with Institutional MMFs up $180 billion, or 4.4% and Retail MMFs up $229 billion, or 8.4%. (Note: Register soon for our European Money Fund Symposium, which takes place Sept. 22-23 in Dublin, Ireland!)
Money market mutual fund assets broke the $7.6 trillion level on Friday for the first time ever, and they hit a record $7.633 trillion on Tuesday (9/3), according to Crane Data's Money Fund Intelligence Daily. Assets jumped by $30.7 billion on Tuesday, Sept. 2, after surging by $132.0B in August. Year-to-date, money fund assets have increased by $459.3 billion (6.4%), and over the past year assets have increased by $1.018 trillion, or 15.4%. MMF asset totals first crossed the $7.0 trillion threshold last November, and they've since marked a series of new highs: $7.1 trillion on December 3, $7.2 trillion on January 2, $7.3 trillion on February 26, $7.4 trillion on May 30, $7.5 trillion on August 4, and $7.6 trillion on August 29. (Note: With just under 3 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
Bloomberg writes, "America Inc. Swaps Decades for Days in Rush to Commercial Paper," which explains, "Once a $2 trillion cornerstone of global finance, the US commercial paper market was left in disarray following the 2008 crisis. Now, after years in the shadows, it's staging an unexpected comeback. Uber Technologies Inc. rolled out a $2 billion commercial paper plan in June, according to its latest quarterly filing. That followed Netflix Inc.'s $3 billion facility a month earlier. Coca-Cola Co., PepsiCo Inc., Philip Morris International Inc. and Honeywell International Inc. have all tapped the market in recent months, selling billions worth of the short-term IOUs, which typically range in maturity from 30 to 90 days." (Note: With just under 3 weeks to go, register ASAP for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
While Crane Data makes final preparations for our European Money Fund Symposium, which will take place Sept. 22-23 in Dublin, we're also ramping up preparations for our next Money Fund University conference, which will be in Pittsburgh, Dec. 18-19. Crane's Money Fund University is designed for those new to the money market fund industry or those in need of a concentrated refresher on the basics. The event also focuses on hot topics like money market fund regulations, money fund alternatives, offshore markets, and other recent industry trends. Our educational conference features a faculty of the money fund industry's top lawyers, strategists, and portfolio managers, and the Pittsburgh show will include our Holiday cocktail party Dec. 18 and a free product training session for Crane Data clients. We review the MFU agenda and some other upcoming conferences, below.
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday and its latest monthly "Trends in Mutual Fund Investing - July 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former shows money fund assets rising $17.2 billion to a record $7.207 trillion. MMFs rose $3.8 billion last week, $33.3 billion the week before and $76.2 billion 3 weeks ago. MMF assets are up by $944 billion, or 15.1%, over the past 52 weeks (through 8/27/25), with Institutional MMFs up $534 billion, or 14.3% and Retail MMFs up $410 billion, or 16.2%. Year-to-date, MMF assets are up by $356 billion, or 5.2%, with Institutional MMFs up $146 billion, or 3.5% and Retail MMFs up $210 billion, or 7.7%. (Note: Register soon for our European Money Fund Symposium, which takes place Sept. 22-23 in Dublin, Ireland!)
Mutual fund news source ignites published a story titled, "'Wall of Cash' or Stubborn Stash? ETF Shops Prep for Windfall," which claims, "ETF issuers are preparing for a potential influx of cash that could come during the 'great rotation' out of cash and money market funds. Assets in money market funds now exceed $7.5 trillion, according to Morningstar Direct. When interest rates eventually fall, the question among asset managers and analysts is whether this wall of cash represents a temporary holding pen, or a surprisingly sticky, risk-averse allocation." (Note: There's still time to register for our upcoming European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin. We hope to see you next month in Ireland!)
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 August 22) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.250 trillion (up from $3.764 trillion) of the $7.540 trillion in total money fund assets (or 56.4%) 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 August 12 News, "August Money Fund Portfolio Holdings: Repo Plummets, T-Bills Surge.")
Goldman Sachs writes on "Stablecoin Summer" in a collection of articles on the topic. The piece explains, "It's been the summer of stablecoins. The GENIUS Act that recently became law in the US has created the first-ever federal regulatory system for stablecoins.... Walmart and Amazon as well as major financial institutions are reportedly exploring launching their own stablecoins. And Circle -- issuer of USD Coin (USDC), the second-largest stablecoin in the world by market cap ... -- recently went public to much fanfare. So, does the stablecoin summer have staying power, and what could that mean for issuers, the existing payment and banking systems, markets, and financial stability more broadly?" (Note: With just under a month to go, register soon for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
This month, MFI interviews Managing Director & Head of ICD Tory Hazard, a year after the company's buyout by Tradeweb. We discuss the portal marketplace, corporate investor issues and the latest technology initiatives with one of the industry's biggest online money fund trading portals. Our Q&A follows. (Note: The following is reprinted from the August issue of Money Fund Intelligence, which was published on August 7. Contact us at info@cranedata.com to request the full issue or to subscribe, and let us know too if you'd like to see our latest list of ESG, Social and D&I share class money market funds.)
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday, which shows money fund assets rising $3.8 billion to a record $7.190 trillion. MMFs rose $33.3 billion the week prior and $76.2 billion two weeks ago. MMF assets are up by $948 billion, or 15.2%, over the past 52 weeks (through 8/20/25), with Institutional MMFs up $531 billion, or 14.3% and Retail MMFs up $417 billion, or 16.4%. Year-to-date, MMF assets are up by $339 billion, or 5.0%, with Institutional MMFs up $126 billion, or 3.1% and Retail MMFs up $214 billion, or 7.8%. (Note: Register soon for our European Money Fund Symposium, which takes place in just one month, Sept. 22-23 in Dublin, Ireland!)
The Journal of Banking & Finance published a paper written by Michel Baes, ESMA's Antoine Bouveret and Eric Schaanning titled, "Money Market Funds Vulnerabilities and Systemic Liquidity Crises." The Abstract explains, "Despite regulatory reforms, Money Market Funds (MMFs) experienced severe stress in March 2020, following large redemptions and dislocations in short term markets. We provide a model showing the trade-offs between liquidity and capital preservation services offered by MMFs. We show that in a crisis, MMFs cannot provide liquidity and capital preservation to investors at the same time. As a result, investors have an incentive to run pre-emptively. We calibrate our model on data from USD MMFs and find that most funds would have been unable to meet redemptions above 30% mid-March 2020. Unless short-term funding markets are made resilient in times of stress, MMFs will face similar challenges during future liquidity crises."
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