The June issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "Money Fund Assets Resume Record Run; Yields Bottom," which reviews the latest jump in assets and flattening of yields; "BNY, JPM, BlackRock Launch 'OnChain' Tokenized MMFs," which discusses the latest money fund filings; and "European Regulators Push to Increase MF Liquidity Levels," which covers new U.K. and European proposals to strengthen MMF requirements. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 5/31/26 data. Our June Money Fund Portfolio Holdings are scheduled to ship on Tuesday, June 9, and our June Bond Fund Intelligence is scheduled to go out on Friday, June 12. (Note: Register ASAP for our upcoming Money Fund Symposium, which will take place later this month -- June 24-26 in Jersey City, NJ!)
MFI's "Money Fund Assets" story says, "Money fund assets rebounded strongly in May, rising $193.2 billion to a record $8.292 trillion, according to our Money Fund Intelligence XLS data series. Our Money Fund Intelligence Daily shows money fund assets have increased by another $54.2 billion to $8.346 trillion month-to-date in June (as of 6/4)."
It continues, "According to MFI Daily, assets fell by $108.8 billion in April and $49.3 billion in March. But they increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December and $132.8 billion in November. MMFs rose $142.1 billion in October, $105.2 billion in September and $132.0 billion in August. They rose $63.7 billion in July and $6.7 billion last June."
We write in our "OnChain" article, "BNY Dreyfus filed to launch an 'onchain' tokenized money market fund, while J.P. Morgan recently went live with its OnChain Liquidity-Token MMF. The SEC filing for BNY Dreyfus On-Chain Liquidity Fund, under the Dreyfus Government Cash Management Funds umbrella, says, 'The fund seeks as high a level of current income as is consistent with the preservation of capital and the maintenance of liquidity."
The story continues, "The fund pursues its investment objective by investing in (i) U.S. Treasury bills, notes, or bonds ..., (ii) overnight repurchase agreements collateralized solely by U.S. Treasury securities and/or cash, and (iii) cash. The fund is a money market fund subject to the maturity, quality, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and seeks to maintain a stable share price of $1.00. The U.S. Treasury securities in which the fund invests have a remaining maturity of 93 days or less or are issued with a maturity of 93 days or less.'"
Our "European" story says, "The Financial Conduct Authority (FCA), which regulates markets in the U.K., published a policy paper titled, 'Reforms to Money Market Fund Regulations.' It states, 'Money market funds (MMFs) play an important role in the financial system. MMFs are widely used for cash management and provide an alternative or complement to bank deposits for a broad range of investors, including asset managers, insurers, pension funds, large corporates and local authorities. However, recent periods of market stress have highlighted the need to strengthen the resilience of these funds. The Government, together with the Financial Conduct Authority (FCA) and the Bank of England, have worked actively with international partners, including with the European Commission and at the Financial Stability Board, to enhance MMF resilience so these funds are better able to withstand market disruption.'"
It continues, "The post explains, 'As part of this, the Government and FCA committed to reforming the UK Money Market Fund Regulation (MMFR) regime, to ensure the UK’s regulatory framework appropriately supports the resilience of these markets while maintaining our international competitiveness. These reforms mark an important step forward in enhancing the resilience of the wider non-bank financial sector.'"
MFI also includes the News brief, "Bloomberg: 'Dash for Cash Sends Money-Fund Assets to Record $8.3 Trillion.' The article states, 'Investors boosted the total amount in U.S. money-market funds to a record $8.281 trillion as uncertainty surrounding the Federal Reserve's monetary policy path fuels demand for cash-like assets. Some $66 billion rushed into the money-market fund industry in the week ending May 28, according to the latest figures from Crane Data LLC.'"
Another News brief, "Barron's Writes Again on Sweeps," tells us, "The article, 'How AI Could Kill Charles Schwab and the Brokerage Industry's Cash Cow,' says, 'Charles Schwab spent a good chunk of its six-hour-long investor day ... explaining to analysts and shareholders how the company is using artificial intelligence to boost its business. Investors, however, are far more focused on whether AI poses a threat to the substantial profits Schwab derives from so-called sweep cash.'"
A third News brief, "Dreyfus Rebrands as BNY Dreyfus," tells us, "A statement, '`BNY Investments Dreyfus Money Market Rebrand,' says, 'Effective May 29, 2026, Dreyfus money market funds will update names, adding ‘BNY’ to recognize the depth of expertise, technology and history brought by Dreyfus as a vital component of the BNY ecosystem. These are part of the BNY Investments Dreyfus family of funds.' (See also, 'Introducing SPARK Future Shares: A New Way to Align Cash with Client Values.')"
A sidebar, "New UBS Stablecoin Reserves," says, "A filing for the UBS Liquid Reserves Fund explains, 'The fund invests only in certain eligible reserve assets that payment stablecoin issuers are permitted to maintain under the Guiding and Establishing National Innovation for US Stablecoins Act (the 'GENIUS Act') and any regulations adopted thereunder. These eligible reserve assets include ... cash, securities issued by the US Treasury with a remaining maturity of 93 days or less ... and overnight repurchase agreements.... The fund primarily intends to serve as a reserve asset for stablecoin issuers.... Shares of the fund are expected to be held primarily by one or more stablecoin issuers as all or a portion of the reserve assets that back the outstanding stablecoins issued to their customers.'"
Our June MFI XLS, with May 31 data, shows total assets jumping $193.2 billion to $8.292 trillion, after decreasing $102.1 billion in April, $56.6 billion in March, increasing $94.0 billion in February, $38.5 billion in January, $123.5 billion in December, $129.3 billion in November, $141.5 billion in October, $100.4 billion in September, $129.9 billion in August, $69.0 billion in July, and $10.1 billion last June.
Our broad Crane Money Fund Average 7-Day Yield was down 3 bps at 3.34%, and our Crane 100 Money Fund Index (the 100 largest taxable funds) was down 2 bps at 3.45% in May. On a Gross Yield Basis (7-Day) (before expenses are taken out), the Crane MFA and the Crane 100 averaged 3.70% and 3.71%. 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 5/31/26 on Monday, 6/8.) The average WAM (weighted average maturity) for the Crane MFA was 42 days (unchanged) and the Crane 100 WAM was unchanged from the previous month at 44 days. (See our Crane Index or craneindexes.xlsx history file for more on our averages.)
