Money Market News
A press release titled, "BNY Launches Stablecoin Reserves Fund, Further Expanding BNY's Leadership in Digital Assets," tells us, "BNY ... announced the launch of the BNY Dreyfus Stablecoin Reserves Fund (BSRXX), a money market fund created to support institutional adoption of digital assets in the liquidity space. The fund is intended to enable U.S. stablecoin issuers and other qualified institutional investors acting for themselves or in a fiduciary, advisory, agency, brokerage, custodial, or similar capacity. The fund is designed to hold the reserves for stablecoins to be issued under the Guiding and Establishing National Innovation for U.S. Stablecoins ('GENIUS') Act. The fund does not invest in stablecoins." (See Crane Data's August 20 News, "BNY Dreyfus to Launch Stablecoin Reserves Fund; Joins Goldman, Circle.")
Crane Data's November Money Fund Portfolio Holdings, with data as of Oct. 31, 2025, show that holdings of Treasuries jumped while Repo exposure inched lower. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) increased by $158.4 billion to $7.753 trillion in October, after increasing $56.1 billion in September, $166.6 billion in August, $17.6 billion in July, $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. Treasuries, the largest portfolio composition segment, increased by $180.5 billion. Repo, the second largest segment, decreased $6.0 billion in October. 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 Wednesday (money markets are closed Tuesday for the Veteran's Day Holiday), and we'll be writing our regular monthly update on the new October data for Thursday'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 October 31, includes holdings information from 987 money funds (up 16 from last month), representing assets of $7.917 trillion (up from $7.766 trillion a month ago). Prime MMFs rose to $1.211 trillion (up from $1.206 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 $20.8 billion (annualized) in October. (Note: For those new to the money market fund space or in need of a refresher, please join us for our "basic training" event, Money Fund University, which is Dec. 18-19 in Pittsburgh.)
Crane Data's latest monthly Money Fund Market Share rankings show assets sharply higher among the largest U.S. money fund complexes in October after also jumping in September. Assets have increased in 15 of the past 16 months (only April 2025 saw declines). Money market fund assets rose by $141.7 billion, or 1.8%, last month to a record $7.854 trillion. Total MMF assets have increased by $381.3 billion, or 5.1%, over the past 3 months, and they've increased by $986.0 billion, or 14.4%, over the past 12 months. The largest increases among the 25 largest managers last month were seen by Goldman Sachs, BNY Dreyfus, BlackRock, JPMorgan and Invesco, which grew assets by $54.8 billion, $14.8B, $14.5B, $12.7B and $10.9B, respectively. Declines in October were seen by SSIM, UBS, Federated Hermes, American Funds and Northern, which decreased by $7.7 billion, $1.9B, $1.6B, $1.0B and $1.0B, 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 lower in October.
The November issue of our flagship Money Fund Intelligence newsletter, which was sent to subscribers Friday morning, features the articles: "State Street Joins Money Market ETF Party; Barron's," which discusses a filing for the latest Prime Money Market ETF; "BNY on Money Market Evolution; Schwab, NTRS Q3'25 Earnings," which reviews the latest money fund and digital asset commentary on earnings calls; and "BlackRock Breaks $1 Trillion; Stablecoin Reserve," which highlights BlackRock's AUM milestone and new 'BSTBL' Fund. We also sent out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 10/31/25 data. Our November Money Fund Portfolio Holdings are scheduled to ship on Wednesday, Nov. 12 (a day late due to the Veterans Day Holiday), and our November Bond Fund Intelligence is scheduled to go out on Monday, Nov. 17.
Following the latest Fed cut last week, Investment News asks, "What to do with cash now that Fed has officially cut rates?" They explain, "The verdict came in as expected Wednesday. The Federal Reserve lowered the federal funds rate by 25 basis points to a target range of 3.75% to 4.00%.... Fed Chair Jerome Powell responded [to a question]: 'If you're driving in the fog, you slow down.' This comment added some intrigue to the FOMC's next and final decision scheduled for 2025, which will be made on December 9-10.... As the Fed continues to cut short-term interest rates, the high yields on cash and money market funds should grind lower. And for those investors allocating to a cash bucket to fund near-term liabilities, Brian Storey, head of multi-asset strategies at Brinker Capital Investments, suggests grabbing additional yield if possible while still focusing on the safety of the principal."
TD Securities published, "The Impact of Stablecoins and Digital Assets in the U.S." Written by Jan Nevruzi and Gennadiy Goldberg, the piece tells us, "Digital assets are quickly moving from the periphery of financial markets into the mainstream. Cryptocurrencies remain volatile and largely speculative, but other digital assets have found rapid institutionalization and are reshaping the liquidity, settlement and collateral landscape. These assets are increasingly designed to replicate money-like claims with added features that come with the blockchain rails (the underlying network that communicates the information about the transactions). The growth in these asset classes has made them an important participant in fixed income markets, most notably in the U.S. Treasury market."
State Street Investment Management filed to launch State Street Prime Money Market ETF, the 7th Money Market ETF offering and just the second "Prime" Money Market ETF. The Form N1-A Registration Statement states, "The investment objective of the State Street Prime Money Market ETF (the 'Fund') is to seek to maximize current income, to the extent consistent with the preservation of capital and liquidity.... The Fund follows a disciplined investment process in which SSGA Funds Management, Inc. ('SSGA FM' or the 'Adviser'), the investment adviser to the Fund, bases its decisions on the relative attractiveness of different money market instruments. In the Adviser's opinion, the attractiveness of an instrument may vary depending on the general level of interest rates, as well as imbalances of supply and demand in the market. Among other things, the Adviser conducts its own credit analyses of potential investments and portfolio holdings and relies substantially on a dedicated short-term credit research team." (The expense ratio for the fund has not been disclosed yet.)
Federated Hermes reported Q3'25 earnings Thursday night and hosted its Q3'25 earnings call on Friday morning. In the press release, President & CEO J. Christopher Donahue, says, "In the declining rate environment of the third quarter, investors with interest in capital preservation and liquidity continued to rely on our money market offerings. They also turned to our microshort and ultrashort funds, which are a step further out the yield curve and pursue higher yields than money market strategies."
The Investment Company Institute's released its latest weekly "Money Market Fund Assets" report and its latest monthly "Trends in Mutual Fund Investing - September 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former shows money fund assets increasing by $20.6 billion to a new record high of $7.418 trillion. Assets have risen in 5 of the last 6 weeks, and 13 of the past 15 weeks. MMFs rose $30.4 billion the prior week, after falling $17.8 billion two weeks prior. MMF assets are up by $912 billion, or 14.0%, over the past 52 weeks (through 10/29/25), with Institutional MMFs up $535 billion, or 13.8% and Retail MMFs up $377 billion, or 14.4%. Year-to-date, MMF assets are up by $568 billion, or 8.3%, with Institutional MMFs up $299 billion, or 7.3% and Retail MMFs up $269 billion, or 9.8%.
Assets of money market funds rose by $27.3 billion over the past week to a record high $7.821 trillion (as of 10/28), according to Crane Data's Money Fund Intelligence Daily. MMF assets broke above the $7.8 trillion level for the first time ever on October 27. Month-to-date in October (through 10/28), MMF assets have increased $113.1 billion, after increasing by $105.2 trillion in September, $132.0 billion in August and $63.7 billion in July. They rose $6.7 billion in June and $100.9 billion in May, but decreased $24.4 billion in April. Assets increased by $2.8 billion in March, $94.2 billion in February, $52.8 billion in January, $110.9 billion in December, $200.5 billion in November, and $97.5 billion last October.
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 October 24) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.836 trillion (up from $3.924 trillion) of the $7.764 trillion in total money fund assets (or 62.3%) 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 October 10 News, "Oct. Money Fund Portfolio Holdings: T-Bills Jump Again, Repo Rebounds.")
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