Money Market News
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary, later than usual this month and after a 2-month publication delay due to the government shutdown. The report shows that total money fund assets rose by $153.2 billion in October 2025 to a record high $7.930 trillion, after hitting $7.777 trillion the month prior. The SEC shows Prime MMFs increased $9.1 billion in October to $1.338 trillion, Govt & Treasury funds increased $142.1 billion to $6.447 trillion and Tax Exempt funds increased $2.0 billion to $144.8 billion. Taxable yields were mixed in October after previous decreases in September, August, July, June and May. The SEC's Division of Investment Management summarizes monthly Form N-MFP data and includes asset totals and averages for yields, liquidity levels, WAMs, WALs, holdings, and other money market fund trends. We review their latest numbers below. (Our MFI XLS monthly shows money fund assets increasing $141.4 billion in October 2025 to a record of $7.859 trillion. In November month-to-date through 11/25, total money fund assets have increased by $108.6 billion to a record $7.958 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
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 November 21) includes Holdings information from 60 money funds (down 2 from a week ago), or $3.846 trillion (down from $4.029 trillion) of the $7.911 trillion in total money fund assets (or 48.6%) 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 November 13 News, "Nov. Money Fund Portfolio Holdings: Treasuries Jump; Repo Inches Down.")
The Financial Stability Board published its "FSB G20 Implementation Monitoring Review Interim Report," which tells us, "At the request of the G20, the FSB is undertaking a strategic review of its work to encourage and monitor the implementation of the agreed G20/FSB post-financial crisis reforms. The review is led by an independent external chair, Randal K. Quarles (former FSB Chair and former Vice Chair for Supervision of the US Federal Reserve Board)." (Note: Register soon for our upcoming Money Fund University, which is Dec. 18-19 in Pittsburgh.)
Crane Data is making plans and preparing the agenda for our ninth annual ultra-short bond fund event, Bond Fund Symposium, which will take place March 19-20, 2026 at the Hyatt Regency in Boston, Mass. Crane's Bond Fund Symposium offers a concentrated and affordable educational experience, as well as an excellent networking venue, for bond fund and fixed-income professionals. Registrations are now being accepted ($1,000) and sponsorship opportunities are available. We review the preliminary agenda and details below, and we also give the latest update on our upcoming "basic training" show, Money Fund University, which will be held next month in Pittsburgh, Dec. 18-19. (We'll also be hosting our Crane Data Holiday Party alongside MFU, so please join us Thursday, Dec. 18 from 5:00-7:30pm at the Westin in Pittsburgh.)
The Federal Reserve Bank of Cleveland hosted its "2025 Financial Stability Conference" Thursday and Friday, which featured one presentation titled, "Stablecoins and Safe Asset Prices." The Abstract for this segment states, "This paper examines the impact of dollar-backed stablecoin flows on short term US Treasury yields using daily data from 2021 to 2025. Estimates from instrumented local projection regressions suggest that a 2-standard deviation inflow into stablecoins lowers 3-month Treasury yields by 2-2.5 basis points within 10 days, with limited to no spillover effects on longer tenors. The effects are asymmetric (stablecoin outflows raise yields by two to three times as much as inflows lower them) and have strengthened over time with the growth of the market. Decomposing the yield impact by issuer shows that USDT (Tether) has the largest contribution followed by USDC (Circle), consistent with their relative size. Our results highlight stablecoins' growing footprint in safe asset markets, with implications for monetary policy transmission, stablecoin reserve transparency, and financial stability."
The U.S. Treasury's Office of Financial Research published its "2025 Annual Report to Congress" yesterday, which includes a section on Money Markets and Money Market Funds. The press release, "OFR Releases 2025 Annual Report to Congress," states, "Today the Office of Financial Research (OFR) published its 2025 Annual Report to Congress. As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, this report provides an analysis of any threats to the financial stability of the United States, the status of the efforts of the OFR in meeting its mission, and key findings from the research and analysis of the financial system. The report covers the fiscal year ending September 30, 2025." (Note: Register soon for our upcoming Money Fund University, which is Dec. 18-19 in Pittsburgh.)
State Street Investment Management is the fourth money fund manager to launch a Stablecoin Reserves money market fund, following BlackRock's Circle Treasury Reserves, and Stablecoin Reserves offerings from Goldman Sachs and BNY. A Form N-1A Registration Statement for the pending State Street Stablecoin Reserves Money Market Fund tells us, "The investment objective of State Street Stablecoin Reserves Money Market Fund ... is to seek a high level of current income consistent with preserving principal and liquidity and the maintenance of a stable $1.00 per share net asset value. The Fund, which is advised by SSGA Funds Management, Inc., invests in assets in which payment stablecoin issuers are permitted to invest in under a U.S. law enacted in July 2025 designed to establish a framework of these issuers and any regulation adopted thereunder (the 'GENIUS Act')."
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 $1.597 trillion, rising from $1.558 trillion the month prior. Yields inched lower, while assets for USD and GBP MMFs rose and EUR MMFs fell over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024 and 2025 (after a pause in Q2'25). These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $29.0 billion over the 30 days through 11/14. The totals are up $164.4 billion (11.5%) 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.)
The November issue of our Bond Fund Intelligence, which was sent to subscribers Monday a.m., features the stories, "Muni Bond Funds Battered But Making a Comeback," which details the challenges and recent rebound of tax exempt bond funds; and "PIMCO's Sonali Pier Talks Multisector BFs w/Barron's," which excerpts from an interview on strategy and credit markets. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns were higher again in October while yields moved 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.)
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.)
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