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 Oct. 16) includes Holdings information from 63 money funds (up 2 from two weeks ago), or $4.304 trillion (down from $4.330 trillion) of the $8.311 trillion in total money fund assets (or 51.8%) 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 Oct. 13 News, "Oct. MF Portfolio Holdings: Assets Drop; Treasuries Plunge, Repo Rises.")
Our latest Weekly MFPH Composition summary shows Government assets dominating the holdings list with Treasuries totaling $2.014 trillion (down from $2.024 trillion two weeks ago), or 46.8%; Repurchase Agreements (Repo) totaling $1.423 trillion (down from $1.479 trillion two weeks ago), or 33.1%, and Government Agency securities totaling $509.2 billion (up from $481.9 billion two weeks ago), or 11.8%. Commercial Paper (CP) totaled $141.2 billion (down from $154.8 billion two weeks ago), or 3.3%. Certificates of Deposit (CDs) totaled $88.0 billion (up from $83.8 billion two weeks ago), or 2.0%. The Other category accounted for $64.3 billion or 1.5%, while VRDNs accounted for $64.9 billion or 1.5%.
The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.014 trillion, Fixed Income Clearing Corp with $418.2B, the Federal Home Loan Bank with $336.3B, JP Morgan with $150.7B, BNP Paribas with $104.5B, Citi with $103.9B, Federal Farm Credit Bank with $101.5B, RBC with $94.4B, Wells Fargo with $88.9B and Bank of America with $60.0B.
The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($362.8B), JPMorgan US Govt MM ($338.4B), Goldman Sachs FS Govt ($277.4B), Fidelity Inv MM: Govt Port ($241.9B), Morgan Stanley Inst Liq Govt ($225.0B), BlackRock Lq FedFund ($186.0B), State Street Inst US Govt ($185.8B), BlackRock Lq Treas Tr ($185.4B), Fidelity Inv MM: MM Port ($157.0B) and Dreyfus Govt Cash Mgmt ($150.3B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
In other news, the International Monetary Fund (IMF) recently published its "Global Financial Stability Report," which is titled, "Resilience, Risk, and Transformation." The report states, "The public market for tokenized RWAs, excluding repos, has grown rapidly, reaching about $65 billion.... The overall market is even larger when factoring in the value of private tokenized markets, which include at least $8 billion in tokenized bonds. The 30-day average daily volume of tokenized repos reached $303 billion."
The IMF says, "Tokenization markets are also segmented by investor type: tokenized equities are dominated by retail investors, whereas bonds, money market funds, and repos are predominantly institutional markets. The prominence of tokenized repos reflects that collateral management and collateral mobility are among the most compelling early-use cases for tokenization. By digitizing and automating collateral-related workflows, tokenized repo platforms can reduce operational frictions and improve the movement and deployment of collateral across transactions."
It continues, "Tokenized repo can also add greater flexibility and precision to the timing of the transaction, potentially supporting liquidity management. However, despite accounting for a large share of current tokenized market activity, tokenized repo volumes remain small relative to traditional repo markets, and transactions are still largely concentrated among affiliated entities."
The report adds, "The market is expanding fast, albeit from a small base.... Tokenized fixed income, spanning corporate credit, asset-backed credit, and money market fund holdings, accounts for the bulk of tokenized assets outside repos, at about $48 billion. Within this category, tokenized credit accounted for $30.4 billion, with asset-backed credit accounting for the largest share, followed by smaller corporate and diversified credit segments."
They comment, "Tokenized money market funds, at about $17.5 billion, are held primarily as yield-bearing, cash-like collateral and are generally created and redeemed with the issuer rather than traded. Tokenized equity markets remain limited, with an estimated market size of $2.3 billion. Issuance is highly concentrated: two platforms, Ondo Finance and Backed Finance, together account for more than 70 percent of tokenized equity value, with products aimed at investors that reside outside the United States."
Finally, State Street recently published a brief, "3Q:26 Fund Connect: Still Expecting Higher Rates." They write, "It remains the best of times for short-end investors, with overall AUM of $7.9 trillion just marginally off their all-time highs. We suspect higher yields will continue to provide support for the short end and overall market liquidity.... The WAMs of the largest MMF managers have fallen by about 10 days over the summer, providing a relatively neutral maturity base with which to adjust to changing rate expectations."
The piece says, "This change has occurred in conjunction with lower overall exposure to Treasury bills according to our proprietary data, which is consistent with funds lowering their WAMs. This is ultimately an unsustainable trend, however, with deficit funding likely to accelerate into year end, and Treasury's reluctance to increase coupon issuance. This should keep overall WAMs down in our view, as asset managers' position for both possible rate rises and cheaper treasury prices."
It tells us, "The September hike may have formally ended the Fed's easing bias, but it has not resolved the debate over where rates ultimately need to settle. The FOMC remains focused on re-establishing its inflation credibility.... Markets have taken that message a step further, pricing a higher terminal path than the Fed itself and keeping rate volatility elevated.... For money fund managers, the response has been to preserve optionality: WAMs remain short, liquidity is ample and AUM remains near record levels. Until inflation shows sustained signs of lasting moderation or economic activity deteriorates materially, the balance of risks continues to favor higher rates from here."
