Money Market News
The December issue of our flagship Money Fund Intelligence newsletter, which will be sent to subscribers Friday morning, features the articles: "Money Fund Assets Break $8.0 Trillion; Top 10 Stories of 2025," which discusses money market mutual funds reaching all-time highs;"J.P. Morgan's 2026 Outlook: Still Room for MM Growth," which quotes from JPM's expectations for next year; and "State Street I.M. Files for Stablecoin Reserves MMF," which highlights the latest money fund filing. We also will send out our MFI XLS spreadsheet Friday a.m., and we've updated our Money Fund Wisdom database with 11/30/25 data. Our December Money Fund Portfolio Holdings are scheduled to ship on Tuesday, Dec. 9, and our December Bond Fund Intelligence is scheduled to go out on Friday, Dec. 12. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh!)
A press release titled, "HSBC Asset Management Launches First ETF Share Classes for EU-Regulated Money Market Funds," tells us, "HSBC Asset Management ... announces the launch of new ETF share classes for its existing HSBC Sterling Liquidity and HSBC Euro Liquidity Funds, offering investors an alternative and accessible way to manage cash holdings. The launch builds on HSBC AM's move in 2023 to provide investors with access to both listed and unlisted share classes within a single fund. The development marks the first time an asset manager in Europe has launched ETF share classes within existing EU-regulated Money Market Funds (MMFs)." HSBC is the 5th largest manager of European money funds with $123.4 billion, according to Crane Data's MFI International. (Note: There's still time to register for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh, Pa.!)
Money market mutual fund assets broke the $8.0 trillion barrier for the first time ever on Monday, Dec. 1, according to our Money Fund Intelligence Daily. Assets have increased by $105.3 billion in the week through Monday (12/1) to a record $8.022 trillion. Money fund assets increased by $132.8 billion in November and rose $39.7 billion the first day of December, and they have increased by $848.3 billion (11.8%) year-to-date in 2025. (Note: Register soon for our "basic training" event, Money Fund University, which takes place Dec. 18-19 in Pittsburgh, Pa., and please join us there for Crane Data's Holiday, and now $8 Trillion, Party!)
The Bank for International Settlements published a "BIS Bulletin" titled, "The Rise of Tokenised Money Market Funds." The piece states, "Tokenised money market funds (TMMFs) are a rapidly growing segment of decentralised finance (DeFi). They represent shares in funds that invest in money market instruments, but circulate as tokens on public permissionless blockchains, such as Ethereum or Stellar.... Unlike major stablecoins, which also seek to maintain a stable value but are prohibited from paying interest, TMMFs distribute returns to investors in line with money market rates. This Bulletin provides a primer on TMMFs. It discusses potential use cases, illustrates the operational model of major funds and documents the growth and composition of the TMMF market. It also lays out the sources and implications of interlinkages with stablecoins, suggesting that current TMMFs often operate as complements to stablecoins. Highlighting potential risks related to liquidity mismatches, interconnectedness and operations, the Bulletin concludes with policy considerations." (Note: Registrations are still being taken for our Money Fund University, which is Dec. 18-19 in Pittsburgh. Please join us for our Holiday Cocktail Party on Thursday, Dec. 18 from 5-7:30pm after Day 1 of MFU!)
The Investment Company Institute's released its latest monthly "Trends in Mutual Fund Investing - October 2025" and "Month-End Portfolio Holdings of Taxable Money Funds" on Friday. ICI's monthly Trends shows money fund totals increasing $146.8 billion, or 2.0%, in October to $7.468 trillion. MMFs have increased by $925.8 billion, or 14.2%, over the past 12 months (through 10/31/25). Money funds' October asset increase follows an increase of $104.5 billion in September, $123.4 billion in August, $69.0 billion in July, $29.3 billion in June and $84.7 billion in May. Assets decreased $63.8 billion in April and $10.9 billion in March, but increased of $99.0 billion in February, $31.9 billion in January and $139.3 billion in December. They rose $171.5 billion in November and $117.4 billion last October. Bond fund assets increased $55.4 billion to $5.468 trillion, and bond ETF assets increased to $2.17 trillion in October 2025.
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')."
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