The Investment Company Institute published, "Retirement Assets Total $48.1 Trillion in Third Quarter 2025," which includes data tables showing that money market funds held in retirement accounts jumped to $987 billion (up from $966 billion) in the latest quarter, accounting for 13% of the total $7.321 trillion in money funds. MMFs represent just 6.8% of the total $14.5 trillion of mutual funds in retirement accounts. The release says, "Total US retirement assets were $48.1 trillion as of September 30, 2025, up 4.5 percent from June. Retirement assets accounted for 34 percent of all household financial assets in the United States at the end of September 2025. Assets in individual retirement accounts (IRAs) totaled $18.9 trillion at the end of the third quarter of 2025, an increase of 5.2 percent from the end of the second quarter of 2025."
It continues, "Defined contribution (DC) plan assets were $13.9 trillion at the end of the third quarter, up 5.1 percent from June 30, 2025. Government defined benefit (DB) plans—including federal, state, and local government plans -- held $9.5 trillion in assets as of the end of September 2025, a 3.1 percent increase from the end of June 2025. Private-sector DB plans held $3.1 trillion in assets at the end of the third quarter of 2025, and annuity reserves outside of retirement accounts accounted for another $2.6 trillion."
The ICI tables show money funds accounting for $750 billion, or 10%, of the $7.265 trillion in IRA mutual fund assets and $237 billion, or 3%, of the $7.278 trillion in defined contribution plan holdings. Money funds in 401k plans totaled $158 billion, or 3% of the $5.772 trillion of mutual funds in 401k's.
The ICI also recently released its latest monthly "Money Market Fund Holdings" summary, which reviews the aggregate daily and weekly liquid assets, regional exposure, and maturities (WAM and WAL) for Prime and Government money market funds. It tells us, "The Investment Company Institute (ICI) reports that, as of the final Friday in December, prime money market funds held 46.2 percent of their portfolios in daily liquid assets and 59.9 percent in weekly liquid assets, while government money market funds held 77.4 percent of their portfolios in daily liquid assets and 88.5 percent in weekly liquid assets." Prime DLA was down from 48.3% in November, and Prime WLA was down from 61.4%. Govt MMFs' DLA rose from 76.9% and Govt WLA was up from 87.9% for the previous month.
ICI explains, "At the end of December, prime funds had a weighted average maturity (WAM) of 31 days and a weighted average life (WAL) of 51 days. Average WAMs and WALs are asset-weighted. Government money market funds had a WAM of 42 days and a WAL of 92 days." Prime WAMs were down 1 day while WALs were down 2 days from the previous month. Govt WAMs were up while WALs were down from the previous month, WAMs were 1 day longer and WALs were 1 day shorter.
Regarding Holdings by Region of Issuer, the release tells us, "Prime money market funds’ holdings attributable to the Americas rose from $763.89 billion in November to $785.86 billion in December. Government money market funds’ holdings attributable to the Americas rose from $5,748.69 billion in November to $6,085.24 billion in December."
The Prime Money Market Funds by Region of Issuer table shows Americas-related holdings at $785.9 billion, or 64.9%; Asia and Pacific at $181.5 billion, or 15.0%; Europe at $218.3 billion, or 18.0%; and, Other (including Supranational) at $25.4 billion, or 2.2%. The Government Money Market Funds by Region of Issuer table shows Americas at $6.085 trillion, or 93.4%; Asia and Pacific at $113.3 or 1.7%; Europe at $313.4 billion, 4.8%, and Other (Including Supranational) at $6.5 billion, or 0.1%.
In other news, a press release, "State Street Launches Digital Asset Platform to Power Tokenized Finance," tells us, "State Street ... announced the launch of its Digital Asset Platform, a secure, scalable infrastructure for tokenized assets strategically positioning State Street to be the bridge between traditional and digital finance and the connection point between digital asset platforms for its clients. This foundational build is critical in enabling State Street's digital ambitions to develop core products for its clients, including tokenized Money Market Funds (MMFs), ETFs, tokenized assets, and cash products including tokenized deposits and stablecoins."
It explains, "The platform includes wallet management, custodial, and cash capabilities, designed to support tokenized product development across jurisdictions covering both private and public permissioned blockchain networks. Underpinned by enhanced security and operational and on-chain compliance controls, integrated with existing systems, the platform supports secure, scalable access for institutional clients offering a seamless interface between digital and traditional services."
Joerg Ambrosius, president of Investment Services at State Street, comments, "This launch marks a significant step in State Street's digital asset strategy. We are moving beyond experimentation and into practical, scalable solutions that meet the highest standards of security and compliance. By pairing blockchain connectivity with robust controls and global servicing expertise, we're enabling institutions to confidently embrace tokenization as part of their core strategy with an organization like us that they can trust."
The release adds, "This launch reflects State Street's commitment to supporting its clients in navigating the evolving digital asset sector. Our unified approach to digital innovation draws expertise from teams across the bank and State Street Investment Management to deliver integrated, secure, and scalable solutions for institutional clients."
Bloomberg covers the news in its piece, "State Street Joins Crypto Rush With Digital-Asset Rollout." They tell us, "State Street Corp. is rolling out a digital-asset platform as the firm pushes to grow in the increasingly popular asset class. The custody bank will develop and support money-market and exchange-traded funds and cash products such as tokenized deposits and stablecoins, the Boston-based company said in an emailed statement. State Street will collaborate with money managers and institutional clients it serves, as well as with its own asset-management arm, which has been launching separate products."
They add, "Money managers including Franklin Resources Inc., Fidelity Investments and JPMorgan Chase & Co.'s asset management unit have launched tokenized money-market funds, while even more traditional firms such as T Rowe Price Group Inc. have decided to create crypto funds. State Street, which oversees $51.7 trillion for many of the world's largest asset managers and institutions, already provides administration and accounting services for clients holding cryptocurrencies as well as for crypto ETFs. The new platform is a departure from merely providing such back-office support."
