Money Market News
A press release from Singapore titled, "OpenEden Selects BNY to Provide Investment Management and Custody Services for its Tokenized U.S. Treasury Bills ($TBILL) Fund," tells us, "OpenEden, a leading platform for the tokenization of Real-World Assets ('RWAs'), ... announced the appointment of certain affiliates of The Bank of New York Mellon Corporation ('BNY') (BK) ... as investment manager and primary custodian for the underlying assets of its flagship Tokenized U.S. Treasury Bills ('$TBILL') Fund, the world's first tokenized U.S. Treasury fund to receive an investment grade 'A' rating from Moody's. The strategic relationship highlights OpenEden and BNY's shared commitment to shaping the future of financial infrastructure by facilitating regulated and institutional-grade assets on chain for global investors." (For more, see our August 7 News, "August Money Fund Intelligence: BNY Portal Tokenizes; ICD's Tory Hazard; Stablecoins in Q2.")
Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds increased over the past 30 days to a new record high $1.519 trillion, increasing from $1.504 trillion the month prior. The previous record high of $1.518 trillion was seen four months prior. Yields inched lower, while assets for `USD, EUR and GBP MMFs all rose over the past month. Like U.S. money fund assets, European MMFs repeatedly hit record highs in 2023, 2024 and early 2025 but in Q2. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $14.3 billion over the 30 days through 8/13. The totals are up $86.4 billion (6.0%) year-to-date for 2025, they were up $235.3 billion (19.7%) for 2024 and up $166.9 billion (16.2%) for the year 2023. (Note that currency moves in the U.S. Dollar cause Euro and Sterling totals to shift when they're translated back into totals in USD. See our latest MFI International for more on the "offshore" money fund marketplace. These funds are only available to qualified, non-U.S. investors and are almost entirely institutional.) (Note too: With just over a month to go, register soon for our European Money Fund Symposium, which is Sept. 22-23, 2025 in Dublin!)
The August issue of our Bond Fund Intelligence, which was sent to subscribers Thursday morning, features the stories, "Maturity Main Risk of Bond Funds Says Journal Study," which covers a recent study from Wall Street Journal; and "EFAMA Fact Book Reviews European Bond Funds in '24," which looks at annual statistics compilation on European funds. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were flat to mixed while yields were lower. We excerpt from the new issue below. (Contact us if you'd like to see our latest Bond Fund Intelligence and BFI XLS spreadsheet, or our Bond Fund Portfolio Holdings data.)
Goldman Sachs Asset Management filed to launch a new fund titled, Stablecoin Reserves Fund, Institutional Shares. The "Form N-1A Registration Statement" says, "The Stablecoin Reserves Fund (the 'Fund') seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments. The Fund pursues its investment objective by investing, under normal circumstances, only in certain eligible reserve assets in which payment stablecoin issuers are permitted to maintain under the GENIUS Act and any regulations adopted thereunder. These eligible reserve assets include, and the Fund intends to invest only in, cash, U.S. Treasury bills, notes and bonds ('U.S. Treasury Obligations') with a remaining maturity of 93 days or less or issued with a maturity of 93 days or less and overnight repurchase agreements collateralized by U.S. Treasury Obligations." (Note: It's unclear who the stablecoin client is for this new fund yet, or if there are any. For more on Stablecoins and MMFs, see our August 7 News, "August MFI: BNY Portal Tokenizes; ICD's Tory Hazard; Stablecoins in Q2.")
Crane Data's August Money Fund Portfolio Holdings, with data as of July 31, 2025, show that holdings of Repo plunged last month while Treasuries jumped. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $17.6 billion to $7.372 trillion in July, after increasing $84.0 billion in June and $72.0 billion in May. They decreased by $73.8 billion in April. Assets rose by $45.6 billion in March, $53.7 billion in February, $84.1 billion in January, and $88.0 billion in December. Repo, the largest segment, decreased $128.1 billion in July. Treasuries, the second largest portfolio composition segment, increased by $117.3 billion. Agencies were the third largest segment, and CP remained fourth, ahead of CDs, Other/Time Deposits and VRDNs. Below, we review our Money Fund Portfolio Holdings statistics. (Visit our Content center to download, or contact us to request our latest Portfolio Holdings reports.)
Crane Data's latest monthly Money Fund Portfolio Holdings statistics will be sent out Monday, and we'll be writing our regular monthly update on the new August data for Tuesday's News. But we also already uploaded a separate and broader Portfolio Holdings data set based on the SEC's Form N-MFP filings on Friday. (We continue to merge the two series, and the N-MFP version is now available via our Portfolio Holdings file listings to Money Fund Wisdom subscribers.) Our new N-MFP summary, with data as of July 31, includes holdings information from 989 money funds (down 14 from last month), representing assets of $7.530 trillion (up from $7.517 trillion a month ago). Prime MMFs rose to $1.182 trillion (up from $1.150 trillion), or 15.3% 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 inched lower to $19.7 billion (annualized) in July.
Crane Data's latest monthly Money Fund Market Share rankings show assets mostly higher among the largest U.S. money fund complexes in July after being slightly higher in June. Assets have increased in 12 of the past 13 months (only April 2025 saw a decline). Money market fund assets rose by $69.2 billion, or 0.9%, last month to a record $7.483 trillion. Total MMF assets have increased by $166.0 billion, or 2.3%, over the past 3 months, and they've increased by $969.9 billion, or 14.9%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Fidelity, JPMorgan, Federated Hermes, BlackRock and Morgan Stanley, which grew assets by $20.4 billion, $13.7B, $12.6B, $10.8B and $7.5B, respectively. Declines in July were seen by Vanguard, T Rowe Price, First American, DWS and American Funds, which decreased by $6.0 billion, $4.7B, $4.4B, $3.8B and $2.6B, 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 flat to slightly higher in July.
The August issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Thursday morning, features the articles: "BNY Portal Offers Tokenized Shares of 5 Major Managers," which reviews a recent release from LiquidityDirect; "ICD's Tory Hazard on Portals, Products & Tradeweb Buyout," which interview the Head of ICD Portal; and, "Stablecoin, Tokenization All Over Q2'25 Earnings Calls," which quotes from the latest earnings calls. We also sent out our MFI XLS spreadsheet Thursday a.m., and we've updated our Money Fund Wisdom database with 7/31/25 data. Our August Money Fund Portfolio Holdings are scheduled to ship on Monday, August 11, and our August Bond Fund Intelligence is scheduled to go out on Thursday, August 14.
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 1) includes Holdings information from 73 money funds (up 18 from a week ago), or $4.095 trillion (up from $3.526 trillion) of the $7.485 trillion in total money fund assets (or 54.7%) 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 July 11 News, "July Money Fund Portfolio Holdings: Repo Jumps to 42%, T-Bills Plunge.") (Note too: Money market mutual fund assets broke the $7.5 trillion level for the first time ever on Monday, August 4, according to our Money Fund Intelligence Daily product!)
The SEC published its latest quarterly "Private Funds Statistics" report recently, which summarizes Form PF reporting and includes some data on "Liquidity Funds," or pools which are similar to but not money market funds. The publication shows overall Liquidity fund assets were lower in the latest reported quarter (Q4'24) at $358 billion (down from $369 billion in Q3'24 but up from $353 billion in Q4'23). We also again briefly review the SEC's "Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers" which went into effect last year, below. (Note: Register soon for our European Money Fund Symposium show, which will be held in just a month-and-a-half, September 22-23, 2025 in Dublin, Ireland.!)
Federated Hermes reported Q2'25 earnings and hosted its Q2'25 earnings call on Friday. On the call, President & CEO J. Christopher Donahue, comments, "Moving on to money markets, we reached another record high at the end of Q2 for money market fund assets, which increased by $3.1 billion to $468 billion. These assets moved higher in the second quarter despite seasonal factors that often result in lower assets. Money market separate accounts decreased by $5.9 billion, reflecting usual seasonal patterns. Market conditions remained favorable for cash as an asset class. In addition to the appeal of relative safety in periods of volatility, money market strategies present opportunities to earn attractive yields compared to alternatives such as bank deposits and direct investments in T-bills and commercial paper."
The Investment Company Institute released its latest weekly "Money Market Fund Assets" report Thursday and its latest monthly "Trends in Mutual Fund Investing - June 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Wednesday. The former shows money fund assets rising $1.5 billion to a near-record $7.076 trillion, after rising $9.2 billion the week prior and falling $6.8 billion two weeks prior. Assets rose $55.6 billion to a record $7.078 trillion four weeks ago (the week ended July 2). MMF assets are up by $942 billion, or 15.4%, over the past 52 weeks (through 7/30/25), with Institutional MMFs up $520 billion, or 14.3% and Retail MMFs up $422 billion, or 16.9%. Year-to-date, MMF assets are up by $226 billion, or 3.3%, with Institutional MMFs up $47 billion, or 1.1% and Retail MMFs up $179 billion, or 6.5%.
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