Money Market News
The Investment Company Institute published its weekly "Money Market Fund Assets" and its monthly "Trends in Mutual Fund Investing - January 2026" and "Month-End Portfolio Holdings of Taxable Money Funds" on Thursday. The former report shows money fund assets increasing by $5.7 billion to $7.797 trillion, after rising by $17.1 billion the previous week. Seven weeks ago, assets hit a record $7.804 trillion. Assets have risen in 18 of the last 23 weeks and 26 of the past 32 weeks. MMF assets are up by $822 billion, or 11.8%, over the past 52 weeks (through 2/25/26), with Institutional MMFs up $561 billion, or 13.5% and Retail MMFs up $262 billion, or 9.3%. Year-to-date in 2026, MMF assets are up by $63 billion, or 0.8%, with Institutional MMFs up $69 billion, or 1.5% and Retail MMFs down $6 billion, or -0.2%.
The Wall Street Journal writes that "Circle Internet's Quarterly Profit Surges on Stablecoin Demand." The piece says, "Circle Internet Group (CRCL) said its fourth-quarter profit jumped after crypto investors continued to flock to the company's stablecoin despite the late-2025 meltdown in digital-asset prices.... Circle, the issuer of the world's second-largest stablecoin, reported a net income from continuing operations of $133.4 million, or 43 cents a share, in the fourth quarter.... Circle had a blockbuster stock-market debut in June last year, with shares climbing far above the initial offering price. The shares have since tanked nearly 70% from their peak amid a crypto downturn that pummeled token prices and dampened investor sentiment." (Note: Please join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston!)
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 February 20) includes Holdings information from 74 money funds (up 12 from a week ago), or $4.712 trillion (up from $4.220 trillion) of the $8.214 trillion in total money fund assets (or 57.4%) 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 February 11 News, "Feb. Portfolio Holdings: Assets Dip; Agencies Jump, Treasuries Plummet.")
Money fund yields (7-day, annualized, simple, net) were up 1 basis point to 3.50% on average during the week ended Friday, February 20 (as measured by our Crane 100 Money Fund Index), after decreasing 1 basis point the week prior. Fund yields haven't been below 3.5% since November 2022, and they are down from a recent high of 5.20% in November 2023. They should remain flat in coming days (and weeks) since the Fed left short-term rates unchanged four weeks ago. Yields were 3.58% on 12/31/25, 3.78% on 11/30, 3.90% on 10/31, 3.94% on 9/30, 4.11% on 8/31, 4.12% on 7/31, 4.13% on 6/30, 4.14% on 3/31/25 and 4.28% on average on 12/31/24. MMFs averaged 4.75% on 9/30/24, 5.10% on 6/28/24, 5.14% on 3/31/24 and 5.20% on 12/31/23. (Note: Register and make your hotel reservations ASAP for next month's Bond Fund Symposium, which is March 19-20 in Boston. Our discounted hotel rate expires on Tuesday, Feb. 24!)
A press release titled, "ProShares Launches IQMM, the First Money Market ETF for the GENIUS Act," tell us, "ProShares, a premier provider of exchange-traded funds (ETFs), ... announced the launch of the ProShares GENIUS Money Market ETF (IQMM), the first money market ETF to meet the stringent requirements of the GENIUS Act, making it eligible for investment for stablecoin reserves. IQMM provides a flexible, transparent option for investors seeking a high-quality cash management solution. The fund invests exclusively in short-term U.S. Treasuries with a focus on principal preservation and stability." (Note: Register soon and make your hotel reservations ASAP for our upcoming Bond Fund Symposium, which is March 19-20 in Boston. Our discounted hotel rate expires on Tuesday, Feb. 24. See you next month!)
The U.S. Securities and Exchange Commission published its latest monthly "Money Market Fund Statistics" summary Thursday. The report shows that total money fund assets rose by $36.6 billion in January 2026 to a record high $8.217 trillion, after hitting $8.180 trillion the month prior. The SEC shows Prime MMFs increased $22.3 billion in January to $1.365 trillion, Govt & Treasury funds increased $23.1 billion to $6.703 trillion and Tax Exempt funds decreased $8.8 billion to $149.1 billion. Taxable yields were lower again in January following declines in December. 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 $33.9 billion in January 2026 to a record of $8.155 trillion. In February month-to-date through 2/18, total money fund assets have increased by $66.2 billion to $8.208 trillion, according to Crane Data's separate, and slightly smaller, MFI Daily series.)
Crane Data published its latest Weekly Money Fund Portfolio Holdings statistics Wednesday, which track a shifting subset of our monthly Portfolio Holdings collection. The most recent cut (with data as of February 13) includes Holdings information from 62 money funds (up 30 from two weeks ago), or $4.220 trillion (up from $2.007 trillion) of the $8.165 trillion in total money fund assets (or 51.7%) 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 February 11 News, "Feb. Portfolio Holdings: Assets Dip; Agencies Jump, Treasuries Plummet.")
Over the weekend, The Wall Street Journal wrote, "A Winter for Stablecoins Would Signal Crypto Deep Freeze." The article tells us, "Bitcoin's price drop has certainly put a chill on the market for crypto companies. But as the digital-asset realm evolves, the real deep freeze would be if there were an extended drop in the value of stablecoins in circulation. Stablecoins aren't designed for speculation. Their price is meant to be fixed to a fiat currency, typically the U.S. dollar. That shouldn't rise or fall with demand or sentiment." (Note: Please join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston. We hope to see you next month!)
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 record $1.662 trillion, rising from $1.634 trillion the month prior. Yields were mostly lower, while assets for USD, EUR and GBP MMFs all rose 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 $20.1 billion over the 30 days through 2/12. The totals are up $77.9 billion (4.9%) year-to-date for 2026. They were up $151.9 billion (10.6%) for 2025, 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 February issue of our Bond Fund Intelligence, which was sent to subscribers Friday a.m., features the articles, "Cerulli on Fixed-Income ETF Product Development, Growth," which excerpts from a paper on bond ETF trends; and "Franklin Templeton's Driscoll on Ultra Short Duration," which covers a recent interview. BFI also recaps the latest Bond Fund News and includes our Crane BFI Indexes, which show that bond fund returns jumped while yields declined in January. 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, and join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston, Mass.)
A press release titled, "Franklin Templeton and Binance Advance Strategic Collaboration with Institutional Off-Exchange Collateral Program," tells us, "Franklin Templeton, a global investment leader and Binance, the world's leading cryptocurrency exchange by trading volume and users, ... announced a new institutional off-exchange collateral program, making digital markets more secure and capital-efficient. Now live, eligible clients can use tokenized money market fund shares issued through Franklin Templeton's Benji Technology Platform as off-exchange collateral when trading on Binance." (Note: Please join us for our upcoming Bond Fund Symposium, which is March 19-20 in Boston. We hope to see you next month in Boston!)
Crane Data's February Money Fund Portfolio Holdings, with data as of Jan. 31, 2026, show that holdings of Treasuries and Repo both decreased. Money market securities held by Taxable U.S. money funds (tracked by Crane Data) decreased by $54.6 billion to $8.065 trillion in January, after increasing $231.8 billion in December, $134.3 billion in November, $158.4 billion in October, $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 and $53.7 billion in February. Treasuries, the largest portfolio composition segment, decreased by $135.2 billion. Repo, the second largest segment, decreased $33.5 billion in January. 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.)
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