Money Market News
Crane Data's latest Money Fund Intelligence International shows that assets in European or "offshore" money market mutual funds inched lower over the past 30 days to $1.502 trillion, after hitting a record high $1.518 trillion two months prior, while yields were lower. Assets for USD and EUR MMFs rose while GBP MMFs fell over the past month. Like U.S. money fund assets, European MMFs repeatedly hit record highs in 2023, 2024 and early in 2025 but have paused in recent weeks. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, decreased by $3.4 billion over the 30 days through 6/12. The totals are up $69.7 billion (4.9%) 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 U.S. dollars. 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.)
The June issue of our Bond Fund Intelligence, which was sent to subscribers Friday morning, features the stories, "Franklin Converts Putnam Muni Funds to ETFs; Vanguard," which covers Franklin Templeton converting 10 Putnam Municipal Bond Mutual Funds to ETFs, and "JPM: Low-Duration BFs See Inflows; Vanguard Core Bond," which looks at JPM's recent Mid-Week US Short Duration Update. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were mixed in May 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.)
The Registration Statement for Stablecoin issuer Circle Internet Group, which went public earlier this month, contains a number of discussions of stablecoins and tokenized money market funds. We quote from a number of these below. Discussing "Our role in driving stablecoin adoption," they write, "We have built one of the largest and most widely used stablecoin networks. At the foundation of the Circle stablecoin network are our payment stablecoins, USDC -- which, according to CoinMarketCap, is the second largest stablecoin as measured by the amount of stablecoins in circulation with a 24% share of the stablecoin market as of December 31, 2024 -- and EURC -- which, according to CoinGecko, is the largest euro-denominated stablecoin as measured by the amount of stablecoins in circulation as of March 28, 2025." (Note: Crane Data shows Circle Reserve Fund Inst (USDXX), the main collateral behind USDC, with $52.7 billion in assets yielding 4.23% on 6/10.)
Crane Data's June Money Fund Portfolio Holdings, with data as of May 31, 2025, show that holdings of Repo jumped last month while Treasuries declined. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $72.0 billion to $7.271 trillion in May, after decreasing by $73.8 billion in April and increasing $45.6 billion in March. Assets rose by $53.7 billion in February, $84.1 billion in January, and $88.0 billion in December. They rose by $190.8 billion in November, $82.8 billion in October and $233.8 billion in September. Repo, the largest segment, increased $63.3 billion in May. Treasuries, the second largest portfolio composition segment, decreased by $2.1 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 Tuesday, and we'll be writing our regular monthly update on the new June 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 1003 money funds (up 11 from last month), representing assets of $7.425 trillion (down from $7.367 trillion a month ago). Prime MMFs rose to $1.139 trillion (up from $1.137 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 rose to $19.9 billion (annualized) in May.
Crane Data's latest monthly Money Fund Market Share rankings show assets mostly higher among the largest U.S. money fund complexes in May after being lower in April. Assets increased in March, February, January, December, November, October, September, August, July, and June 2024. Money market fund assets rose by $90.4 billion, or 1.2%, last month to a record $7.407 trillion. Total MMF assets have increased by $77.6 billion, or 1.1%, over the past 3 months, and they've increased by $932.9 billion, or 14.4%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by BlackRock, JPMorgan, Vanguard, First American and Federated Hermes, which grew assets by $16.1 billion, $15.8B, $14.5B, $9.6B and $9.1B, respectively. Declines in May were seen by Goldman Sachs, HSBC, AllianceBernstein, PGIM and Morgan Stanley, which decreased by $6.4 billion, $4.0B, $1.9B, $1.5B and $949M, 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 lower in May.
The June issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Shift from Treasuries to Repo Continues; FICC Repo Hits $1T," which discusses recent portfolio composition shifts in the MMF space; "Fed, EU Focus on Treasuries, Money Markets, NBFIs," which looks at bank regulators renewed interest in MMFs and non-banks; and, "Fitch: Liquidity LGIPs Rise to Over $430B; S&P Q1 Update" which reviews recent news on local government investment pools. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/25 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 10, and our June Bond Fund Intelligence is scheduled to go out on Friday, June 13. (Note: Register ASAP for our upcoming Crane's Money Fund Symposium, which is in just over 2 weeks -- June 23-25 -- in Boston!)
Moody's Ratings just published, "Tokenized short-term funds could boost institutional adoption of digital assets," which tells us, "Tokenized money market funds (MMFs) and similar short-term, cash-like bond funds (collectively, tokenized short-term liquidity funds), are emerging as a critical component of the financial system that can serve as a bridge between traditional finance (TradFi) and decentralized finance (DeFi). These tokenized funds, a foundational asset management product, allow traditional institutional investors to move funds into digital financial products and allow digital finance investors to efficiently move money into traditional channels."
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Wednesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of May 30) includes Holdings information from 47 money funds (down 22 from a week ago), or $2.913 trillion (down from $3.904 trillion) of the $7.400 trillion in total money fund assets (or 39.4%) 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 May 12 News, "May Money Fund Portfolio Holdings: FICC Repo Hits $1T, T-Bills Drop.")
Money fund yields (7-day, annualized, simple, net) increased by two basis points to 4.12% on average during the week ended Friday, May 30 (as measured by our Crane 100 Money Fund Index), after declining by one basis point the previous week. Fund yields should stay relatively flat until the Fed moves rates again later this year. They've declined by 94 bps since the Fed first cut its Fed funds target rate by 50 bps on Sept. 18, 2024, and they've declined by 51 bps since the Fed last cut rates by 1/4 point on 11/7/24. Yields were 4.13% on 4/30/25, 4.14% on 3/31/25, 4.16% on 2/28/25, 4.19% on 1/31/25, 4.28% on average on 12/31/24, 4.45% on 11/30/24, 4.65% on 10/31, 4.75% on 9/30, 5.10% on 8/31, 5.13% on 7/31 and 6/28, 5.14% on 3/31 and 5.20% on 12/31/23. (Note: Register ASAP for our upcoming Crane's Money Fund Symposium, which is in just 3 weeks -- June 23-25 -- in Boston!)
Dreyfus posted a brief titled, "Moody's Downgrade of US Long-Term Ratings," which states, "On May 16, Moody's Corporation downgraded the United States of America's long-term issuer and senior unsecured ratings to Aa1 from Aaa. Moody's released a statement on the downgrade, noting 'This one-notch downgrade on our 21-notch rating scale reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns.'" (Note: Register ASAP for our upcoming Crane's Money Fund Symposium, which is in just 3 weeks -- June 23-25 -- in Boston!)
ICI published its latest weekly "Money Market Fund Assets" report, as well as its latest monthly "Trends in Mutual Fund Investing - April 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The weekly series shows money fund assets falling $19.8 billion to $6.949 trillion, after rising $27.7 billion the week prior. Money fund assets remain just below record levels; they've increased by $645.3 billion (or 10.2%) since the Fed last cut rates on 9/18/24 and increasing by $971.4 billion (or 16.3%) since 4/24/24. MMF assets are up by $879 billion, or 14.5%, in the past 52 weeks (through 5/28/25), with Institutional MMFs up $443 billion, or 12.2% and Retail MMFs up $437 billion, or 17.9%. Year-to-date, MMF assets are up by just $98 billion, or 1.4%, with Institutional MMFs down $37 billion, or -0.9% and Retail MMFs up $135 billion, or 4.9%. (Note: Register and make hotel reservations soon for our upcoming Crane's Money Fund Symposium, which is June 23-25. We hope to see you next month in Boston!)
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