Link of The Day
Weekly Money Fund Portfolio Holdings
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. 23) includes Holdings information from 74 money funds (up 11 from a week ago), or $4.788 trillion (up from $4.304 trillion) of the $8.339 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 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 $2.205 trillion (up from $2.014 trillion a week ago), or 46.1%; Repurchase Agreements (Repo) totaling $1.590 trillion (up from $1.423 trillion a week ago), or 33.2%, and Government Agency securities totaling $562.0 billion (up from $509.2 billion a week ago), or 11.7%. Commercial Paper (CP) totaled $190.0 billion (up from $141.2 billion a week ago), or 4.0%. Certificates of Deposit (CDs) totaled $108.7 billion (up from $88.0 billion a week ago), or 2.3%. The Other category accounted for $70.8 billion or 1.5%, while VRDNs accounted for $60.8 billion or 1.3%. The Ten Largest Issuers in our Weekly Holdings product include: the US Treasury with $2.205 trillion, Fixed Income Clearing Corp with $497.2B, the Federal Home Loan Bank with $373.9B, JP Morgan with $160.0B, Federal Farm Credit Bank with $114.1B, BNP Paribas with $111.2B, Citi with $105.7B, Wells Fargo with $101.6B, RBC with $101.0B and Bank of America with $67.5B. The Ten Largest Funds tracked in our latest Weekly include: JPMorgan 100% US Trs MM ($367.6B), JPMorgan US Govt MM ($340.3B), Goldman Sachs FS Govt ($296.6B), Fidelity Inv MM: Govt Port ($246.6B), Morgan Stanley Inst Liq Govt ($222.1B), BlackRock Lq FedFund ($190.5B), BlackRock Lq Treas Tr ($187.8B), State Street Inst US Govt ($182.7B), Federated Hermes Govt ObI ($174.3B) and Dreyfus Govt Cash Mgmt ($159.6B). (Let us know if you'd like to see our latest domestic U.S. and/or "offshore" Weekly Portfolio Holdings collection and summary.)
Crane 100 Index Moves Up to 3.73%
Money fund yields (7-day, annualized, simple, net) rose by 2 bps to 3.73% on average during the week ended Friday, October 23 (as measured by our Crane 100 Money Fund Index), after increasing 2 bps a week ago. Money fund yields have moved higher over the past 4 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should inch higher in coming days as they absorb the last remnants of the Fed's hike (and prepare for the next one). Yields were 3.67% on 9/30/26, 3.51% on 8/31, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.63%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.83% in the latest week. Government Inst MFs were up 2 bps at 3.71%. Treasury Inst MFs were up 3 bps at 3.72%. Treasury Retail MFs currently yield 3.48%, Government Retail MFs yield 3.44% and Prime Retail MFs yield 3.61%, Tax-exempt MF 7-day yields were down 2 bps to 1.69%. Assets increased $10.3 billion in the week through Friday, and they've increased by $45.6 billion in October month-to-date (through 10/23). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased $48.0 billion in September, increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 35 days for the Crane MFA and 35 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 23, shows no changes over the past week, four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
NY Times: Buy Money Market Funds
The New York Times writes, "A Simple Way to Benefit From Rising Rates: Buy Money Market Funds." The Jeff Sommer column states, "Rising interest rates have wreaked havoc this year in financial markets. Yet they are an unambiguous boon in one unheralded arena: money market funds, where the higher rates almost immediately funnel more money to investors without major complications. This is a big exception to the other major effects of rising rates, which have made plenty of negative headlines because they are a drag on the economy, a burden for people seeking mortgages and a punishing hurdle for stocks. In the bond market, rising rates are a complicated, head-spinning fact of life, setting off widespread losses, though they also promise better returns in the years ahead, as I noted last week. In comparison, money market funds are blessedly simple. If you're holding cash in them or are thinking of doing so, higher interest rates are something to celebrate right now." It explains, "That's because money market funds closely follow short-term rate shifts by the Federal Reserve. On Sept. 16, the Federal Reserve raised its short-term policy rate, the Fed funds rate, one quarter of a percentage point, to a range of 3.75 to 4 percent. Money market rates began moving higher almost immediately. That said, they didn't jump a quarter point overnight, as the Fed funds rate did. Money market funds are invested in short-term securities like Treasury bills, and it now takes about 36 days for all of these holdings to mature and be completely replaced with higher-yielding investments, according to Crane Data, an independent financial market research firm. So while money market rates started moving upward soon after the last Fed rate increase, they have continued to edge gradually higher this week. The average interest rate for the 100 biggest money market funds tracked by Crane Data now stands at 3.71 percent. It was 3.51 percent at the end of August. 'If things go the way the markets expect, money market fund rates will reach 4 percent by the end of the year, and they will keep rising from there,' said Peter G. Crane, the firm's president and a longtime expert on money market funds." The Times piece continues, "The markets assume that the Fed will raise short-term rates once more this year -- but probably not at its meeting next week, which comes shortly before the midterm elections.... [A]verage money market rates can be expected to rise to somewhere close to 4.5 percent. Rising short-term interest rates would probably count as more bad news for the economy, for multiple financial markets and for the great majority of consumers. But higher rates would only make the income stream from money market funds more appealing. Globally, money market funds held $13.5 trillion at the end of March, according to the Investment Company Institute.... They already have more than $8.4 trillion in assets in the United States alone, up from about $5.4 trillion five years earlier, Mr. Crane said. And as long as the economy keeps expanding and short-term rates remain above roughly 3 percent, the funds seem likely to keep growing." Finally, it adds, "Money market funds won’t make you rich. But in a time of rising interest rates, they are a convenient and immediately rewarding place to keep cash. When the news is bad, money market funds make me calmer. That's no small thing in 2026."
JPMAM Tokenized MFs Added to Solana
A release titled "J.P. Morgan Asset Management Expands Access to Its Tokenized Money Market Funds on Solana" tells us, "J.P. Morgan Asset Management ... announced its tokenized money market funds, My OnChain Net Yield Fund ('MONY') and JPMorgan OnChain Liquidity–Token Money Market Fund ('JLTXX'), are now available on the Solana blockchain to qualified U.S. investors, strengthening the firm's capabilities. This expansion broadens access for clients and supports the continued growth of J.P. Morgan Asset Management's tokenized cash management platform. MONY is a 506(c) private placement fund that provides qualified investors the opportunity to earn U.S. dollar yields. At the time of its launch in December 2025, J.P. Morgan was the largest global systemically important bank to launch a tokenized money market fund on a public blockchain. JLTXX is a U.S. registered government money market fund designed to invest in a manner to support stablecoin issuers under the GENIUS Act." It explains, "Investors can access MONY and JLTXX through Morgan Money, J.P. Morgan Asset Management's open-architecture trading and analytics platform for liquidity management. Through a single platform, qualified investors can subscribe and redeem into J.P. Morgan Asset Management's tokenized funds, receiving token balances at their blockchain addresses. This process supports a consistent experience as clients continue to expand tokenized activity across networks and multi-chain adoption accelerates." Paul Przybylski, Global Head of Product, Digital & Tokenized Assets for J.P. Morgan Asset Management, comments, "Our clients operate across more than one network, and their liquidity should too. Bringing JLTXX and MONY to Solana gives stablecoin issuers and institutional investors access to the same funds, across the on-chain networks where they operate. This launch builds on our position as one of the leaders in tokenized liquidity and underscores our commitment to scaling tokenized cash management through multi-chain channels."
Hargreaves Launches UK Retail MMF
A press release titled, "Hargreaves Lansdown launches UK's lowest-cost retail money market fund exclusively for clients as demand surges," tells us, "With more than £600bn of excess cash held in the UK and the four biggest banks paying an average of just 0.95%, it's clear many savers could be making their cash work harder. Over the last year, HL has invested more than £100m in its products and services, building out a distinctive range of savings and investment options around client needs. The HL Money Market Fund gives clients a cash-like way to invest, sitting alongside Active Savings and the HL Cash ISA." Doug Abbott, Chief Product Officer at Hargreaves Lansdown, comments, "More than 25 times as many HL clients invest in money market funds as they did five years ago, and they're set to become even more popular once the new Cash ISA rules come into force next April. For anyone exploring options for their cash, the HL Money Market Fund offers a lower-risk way to start investing, with the flexibility of same-day access and a higher expected return than you’d get in an easy access account with one of the big banks." The release states, "Despite increased demand, understanding of MMFs remains low. IA research found only 31% of Cash ISA holders have any knowledge of them, yet once given a clear explanation, 64% said they would consider investing in one. The HL Money Market Fund can be held across all investment accounts, so clients can keep money they may need soon readily available, alongside their longer-term money which can stay invested for growth." It adds, "HL is responsible for the overall management of the fund, with BNY Investments chosen as the delegated investment manager. We expect the fund to give one of the highest yields on the market after fund charges. The expected yield is 3.95%." The new fund: "has the lowest ongoing charge of any MMF in the UK retail market, at 0.06%." It also, "Offers same-day settlement," is "Available at a £1 fixed price during the offer period," [and] "Income is calculated daily and paid monthly."
Bloomberg: BlackRock Tokenized MFs
Bloomberg writes, "BlackRock Sees Tokenized Funds Moving Into Wall Street Plumbing." The article explains, "Wall Street's embrace of blockchain technology is moving beyond merely creating digital versions of stocks, bonds and money-market funds toward a bigger goal: changing how those assets move through the financial system. BlackRock Inc., which helped bring cryptocurrencies into mainstream investment portfolios while putting traditional funds on blockchains, sees opportunities for tokenized assets to serve as collateral, move between investors around the clock and reduce the need to redeem holdings when transferring ownership." It tells us, "Conventional money-market funds already serve as collateral for trading positions, including initial and variation margin. Tokenization could make it easier to move those holdings without first redeeming them, potentially allowing institutions to keep assets invested for longer. But the hurdles go beyond technology. The International Monetary Fund has said that tokenized finance still faces problems including fragmented platforms, legal uncertainty and difficulties connecting with existing financial infrastructure." The piece adds, "For BlackRock, the key distinction is that tokenization doesn't change what a money-market fund owns -- it changes the rails on which ownership can move. Shares represented as tokens can be transferred between approved investors, potentially allowing an institution to shift an asset without first redeeming it for cash. The earliest users have largely come from crypto. Nikhil Sharma, director on BlackRock's digital-assets team, said many were investors holding stablecoins on-chain and looking for a way to earn yield.... BlackRock is expanding that model. Its first tokenized money-market fund BUIDL has grown to about $2.3 billion since its 2024 launch, making it one of the largest products of its kind. The firm has since rolled out tokenized cash products in the US and Europe, and in September received approval for a Hong Kong-dollar digital liquidity fund that can accept both traditional and digital forms of cash."
Crane 100 Index Inches Up to 3.71%
Money fund yields (7-day, annualized, simple, net) were up 2 bps at 3.71% on average during the week ended Friday, October 16 (as measured by our Crane 100 Money Fund Index), after going unchanged the week prior. Money fund yields continued moving higher over the previous 3 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. Yields were 3.67% on 9/30/26, 3.51% on 8/31, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.61%, up 1 bp in the week through Friday. Prime Inst money fund yields were unchanged at 3.82% in the latest week. Government Inst MFs were up 1 bp at 3.69%. Treasury Inst MFs were up 2 bps at 3.69%. Treasury Retail MFs currently yield 3.46%, Government Retail MFs yield 3.43% and Prime Retail MFs yield 3.59%, Tax-exempt MF 7-day yields were down 67 bps to 1.88%. Assets decreased $26.4 billion in the week through Friday, and they've increased by $17.3 billion in October month-to-date (through 10/16). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased $48.0 billion in September, increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 36 days for the Crane MFA and 36 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 16, shows no changes over the past week, four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
MMFs Heading to Las Vegas for AFP'26
Money market mutual fund distributors and cash managers will be travelling to Las Vegas early next month for AFP 2026, the Association for Financial Professionals' big annual gathering of corporate treasurers, which takes place November 8-11. AFP is the largest gathering of corporate investors in the country, attracting over 5,000 treasury management professionals, as well as a host of large banks and institutional money fund managers. Though the exhibit hall and parties are where the action is (for the cash world anyway), there are a number of sessions that involve money funds and cash investing (and now of course the hot topic, tokenization). (See the Session Explorer here.) On Sunday, Nov. 8, a session of interest is: "Yield in Motion: Tokenized MMFs for Treasury Liquidity," run by Charlie Uchill of CERES Coin LLC. On Monday, November 9, sessions include: "The Rise of Tokenized Real-World Assets (RWAs) in Treasury Management," which features Gabe Bonfield of Equifax, Tanner Taddeo of Stable Sea, and Will Peck of WisdomTree; "Macro Market Impacts for Liquidity Investors," which features Allison Rossi of Anthropic, Patrick O'Callaghan and John Olivo of Goldman Sachs, and Kyle McNealy of Meta; "Stablecoins in Treasury: Practical Use Cases, Risks, and Readiness," which features Christine Jensen of Cloudflare, Joseph Neu of NeuGroup, Leland Roger of Stripe, and Kammy Tsang of Paypal; "Cash Segmentation: It's Not a Gamble, It's a Framework," which features Jeff Weaver of Allspring Global Investments, Brandon Hillstead of Autodesk, Tyler Cone of Palo Alto Networks, and Vanessa McMichael of Wells Fargo Securities; "How AI is Changing the Investment Landscape for Corporate Treasurers," which features Donald Norris of HSBC AM, Alexander Custodio-Garcia of Okta, and Linda Kalocsay of WME Group. On Tuesday, Nov. 10, the session of interest is: "On-Chain Liquidity: The Coming Wave of Stablecoins and Distributed Ledger Technology", which features Justin Skaria of Edward Lifesciences, Skip Stallings of Franklin Templeton, Bob Stark of Kyriba, and Matt Jones of Western Asset Management. Come visit Crane Data at Booth #734, and we look forward to seeing you all in Las Vegas! Finally, thank you once more to those who supported last month's European Money Fund Symposium, which took place Sept. 24-25 in Paris, France. Mark your calendars for our next live event, our "basic training" Money Fund University, which will take place December 17-18 at The Hyatt Regency in Greenwich, Conn. Crane Data is also preparing the preliminary agenda for our next Bond Fund Symposium, which will be held March 22-23, 2027, at the Lowes Philadelphia Hotel in Philadelphia, Pa. We'll also soon be making plans for our next "big show," Money Fund Symposium, which will be held June 23-25, 2027, at the Philadelphia Marriott in Philadelphia, Pa., and for next year's European Money Fund Symposium, which will be held Sept. 24-25 in London, England. Watch for details on these shows in coming weeks and months.
ICI: Assets Fall to $7.9 Tril.
The Investment Company Institute's latest weekly "Money Market Fund Assets" report shows money fund assets falling $40.5 billion to $7.923 trillion. Assets increased $72.3 billion the previous week and decreased $45.4 billion the week before this. Assets saw a record high of $7.979 trillion six weeks ago. MMF assets are up by $556 billion, or 7.5%, over the past 52 weeks (through 10/14/26), with Institutional MMFs up $422 billion, or 9.6% and Retail MMFs up $134 billion, or 4.5%. Year-to-date in 2026, MMF assets are up by $190 billion, or 2.5%, with Institutional MMFs up $148 billion, or 3.2% and Retail MMFs up $42 billion, or 1.4%. ICI's weekly release says, "Total money market fund assets decreased by $40.46 billion to $7.92 trillion for the week ended Wednesday, October 14, the Investment Company Institute reported.... Among taxable money market funds, government funds decreased by $40.80 billion and prime funds decreased by $4.29 billion. Tax-exempt money market funds increased by $4.63 billion." ICI's stats show Institutional MMFs decreasing $39.4 billion and Retail MMFs decreasing $1.1 billion in the latest week. Total Government MMF assets, including Treasury funds, were $6.520 trillion (82.3% of all money funds), while Total Prime MMFs were $1.235 trillion (15.6%). Tax Exempt MMFs totaled $167.6 billion (2.1%). It explains, "Assets of retail money market funds decreased by $1.08 billion to $3.12 trillion. Among retail funds, government money market fund assets decreased by $3.36 billion to $1.98 trillion, prime money market fund assets decreased by $1.21 billion to $986.30 billion, and tax-exempt fund assets increased by $3.49 billion to $150.79 billion." Retail assets account for 39.4% of the total, and Government Retail assets make up 63.5% of all Retail MMFs. They add, "Assets of institutional money market funds decreased by $39.38 billion to $4.80 trillion. Among institutional funds, government money market fund assets decreased by $37.44 billion to $4.54 trillion, prime money market fund assets decreased by $3.09 billion to $249.18 billion, and tax-exempt fund assets increased by $1.15 billion to $16.83 billion." Institutional assets accounted for 60.6% of all MMF assets, with Government Institutional assets making up 94.5% of all institutional MMF totals. According to Crane Data's separate Money Fund Intelligence Daily series, money fund assets have increased by $42.8 billion to $8.336 trillion month-to-date in October (as of 10/14), assets reached an all-time high of $8.404 trillion on July 6. Assets decreased $48.0 billion in September, increased $52.8 billion in August, decreased $61.4 billion in July, increased $58.6 billion in June, $208.6 billion in May, decreased by $108.8 billion in April, $49.3 billion in March, increased $99.5 billion in February, $32.9 billion in January, $126.3 billion in December, $132.8 billion in November and $142.1 billion last October. Note that ICI's asset totals don't include a number of funds tracked by the SEC and Crane Data, so they're almost $400 billion lower than Crane's asset series.
BNY on Money Funds, T-bill Issuance
BNY's John Velis asks in "More on money funds, T-bill issuance and funding markets," "Who is (and who will) buy the bills?" He explains, "Last week we discussed how slowing money market fund (MMF) growth could weigh on T-bill demand going into Q4. We argued that this could weigh on funding markets, given the importance of MMF participation in the T-bill market. This year, MMF T-bill holdings have fallen slightly, down by around $32bn through September, despite an increase of $570bn in bill supply. With T-bill issuance set to grow this coming quarter -- a back-of-the-envelope estimate is close to $500bn in new supply -- MMFs' continued reluctance to add bills to their asset allocation could indeed be a problem." The piece says, "Between 2023 and 2025, MMF AUM rose by an average of $1.03tn per year, closing 2025 with a then-record $8.1tn in total AUM. Between the end of 2025 and the end of this past September, MMF assets grew to $8.2tn, adding a mere $108bn in AUM. If we were to extrapolate the 2026 monthly average increase through the end of 2026 (approximately $12bn per month), we'd end the year with around $8.5tn in total assets, marking the slowest annual accumulation of cash in MMFs since 2022." The BNY update continues, "In early 2022, the Federal Reserve embarked upon what would be a 525bp rate hiking cycle, and MMF assets that year actually fell slightly -- and along with that, their T-bill purchases.... This behavior is typical during hiking cycles, and we can see in the chart that bank deposits initially increased as the tightening cycle commenced. With deposit rates generally moving in the same direction as policy rates, and money funds less willing to own longer-duration T-bills (meaning their own yields don't rise as fast as deposit rates), savers opted for deposits over MMF as a place for cash. This looks like it will be playing out again now, as we stare down the barrel of another hiking cycle." The article adds, "The question remains: who's been absorbing bill issuance this year, if not MMFs, and what happens as we head deeper into Q4 with auction sizes already starting to increase and Treasury likely to keep issuing ever more short-dated paper? Dealers have taken some of it. The 2025 monthly average saw primary dealers holding about $60bn in bills, while so far this year, the monthly average is pushing $81bn. Asset managers and other real money investors have increased their demand for bills, although foreign participants have been sporadic in their own take up of short-dated government paper."
Money Fund Yields Flat at 3.69%
Money fund yields (7-day, annualized, simple, net) were unchanged at 3.69% on average during the week ended Friday, October 9 (as measured by our Crane 100 Money Fund Index), after increasing 3 bps the week prior. Money fund yields continued moving higher over the previous 2 weeks as they digest the Federal Reserve's Sept. 16, 25 basis point rate increase. Fund yields should continue to inch higher in coming days as they absorb the remainder of the Fed's latest hike. Yields were 3.67% on 9/30/26, 3.51% on 8/31, 3.49% on 7/31, 3.47% on 6/30 and on 3/31, 3.58% on 12/31/25, 4.13% on 6/30/25 and 4.28% on average on 12/31/24. MMFs averaged 5.20% on 12/31/23. The broader Crane Money Fund Average, which includes all taxable funds tracked by Crane Data (currently 727), shows a 7-day yield of 3.60%, up 2 bps in the week through Friday. Prime Inst money fund yields were up 1 bp at 3.82% in the latest week. Government Inst MFs were up 1 bp at 3.68%. Treasury Inst MFs were up 1 bp at 3.67%. Treasury Retail MFs currently yield 3.44%, Government Retail MFs yield 3.42% and Prime Retail MFs yield 3.59%, Tax-exempt MF 7-day yields were down 39 bps to 2.54%. Assets decreased $15.5 billion in the week through Friday, and they've increased by $43.7 billion in October month-to-date (through 10/9). Assets remain below their all-time record high of $8.404 trillion hit on July 6, according to our Money Fund Intelligence Daily. MMF assets decreased $48.0 billion in September, increased $52.8 billion in August, but decreased $61.4 billion in July. They increased by $58.6 billion in June and $208.6 billion in May, but decreased by $108.8 billion in April and $49.3 billion in March. Weighted average maturities were at 36 days for the Crane MFA and 36 days for the Crane 100 Money Fund Index. The latest Brokerage Sweep Intelligence, with data as of October 9, shows no changes over the past week, four of the 10 major brokerages tracked by our BSI offer rates of 0.01% for balances of $100K (and lower tiers). These include: E*Trade, Merrill Lynch, Morgan Stanley and Schwab.
Digital Cash Deals in Singapore, France
A release titled, "DigiFT Unlocks On-Chain Access to Leading U.S Treasury Money Market Fund," tells us, "DigiFT, a Monetary Authority of Singapore-licensed digital asset exchange, ... launched tokenized access to interests in a U.S. Treasury money market fund managed by Fidelity Investments. The listing gives institutional and accredited investors on-chain access to interests in the fund.... Tokenized Treasury and money market instruments already represent the largest single category of tokenized real-world assets on public blockchains, reflecting sustained institutional demand for regulated, short-duration, high-quality instruments on-chain. The fund's holdings -- cash and short-dated U.S. Treasuries -- meet the reserve-asset criteria the United States set for its own payment stablecoin issuers under the GENIUS Act." Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity Investments, comments, "Tokenization has the potential to expand access to investment products while enabling new forms of liquidity, collateral utility, and investment innovation through its programmable infrastructure. In collaboration with DigiFT, we're furthering how institutional and accredited investors can access, use, and integrate on-chain investment products within emerging digital financial ecosystems." A separate announcement, "Fipto partners with Spiko to let treasurers earn a return on idle treasury balances," explains, "Fipto, the modern infrastructure for B2B payments and treasury powered by stablecoins, ... announced a partnership with Spiko to let clients put idle balances to work in regulated UCITS funds, from EUR balances and directly from EURC and USDC stablecoin balances. The investment service is provided by Spiko Finance SAS, an investment firm authorised by the ACPR." See also the press release, "Spiko Raises $90M Series B Led by NEA to Make Yield Universal," which mentions, "Money market funds have existed for decades and offer an efficient way to earn returns on cash. But outside the United States, they have never gone mainstream. Spiko bridges that gap. It designs its own range of regulated cash funds, from intraday liquidity to term products. Businesses access them through a desktop and mobile app, and any company or financial platform can embed them into its own product via an API. Clients include startups and scale-ups, research institutes, public institutions, VC funds, and medical practices, with funds available in euros, dollars, sterling, and Swiss francs.... Spiko issues its funds onchain and now ranks ahead of BlackRock and Franklin Templeton as the largest issuer of tokenized cash funds. Onchain funds run on the same rails as stablecoins and smart contracts, which makes cash programmable."
Archives »