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 of $1.706 trillion, the previous record of $1.697 trillion was seen the month prior. Yields were mixed, while assets for USD and GBP MMFs rose and EUR MMFs declined over the past month. Like U.S. money fund assets, European MMFs have repeatedly hit record highs in 2023, 2024, 2025 and 2026. These U.S.-style money funds, domiciled in Ireland or Luxembourg and denominated in US Dollars, Pound Sterling and Euros, increased by $16.9 billion over the 30 days through 7/14. The totals are up $121.7 billion (7.7%) 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.) (Note too: Please join us for our upcoming European Money Fund Symposium, which will be held Sept. 24-25 in Paris, France.)
Offshore US Dollar money funds increased $18.6 billion over the last 30 days and are up $65.7 billion YTD to $901.7 billion; they increased $92.3 billion in 2025. Euro funds decreased E6.2 billion over the past month. YTD, they're up E22.9 billion to E353.3 billion, for 2025, they increased by E12.6 billion. GBP money funds increased L4.1 billion over 30 days, and they're up L15.2 billion YTD at L288.3B, for 2025, they rose L18.5 billion. U.S. Dollar (USD) money funds (323) account for over half (52.9%) of the "European" money fund total, while Euro (EUR) money funds (241) make up 24.3% and Pound Sterling (GBP) funds (211) total 22.8%. We summarize our latest "offshore" money fund statistics and our Money Fund Intelligence International Portfolio Holdings (which went out to subscribers Wednesday), below.
Offshore USD MMFs yield 3.57% (7-Day) on average (as of 7/14/26), unchanged from a month earlier. Yields averaged 4.20% on 12/30/22 and 0.03% on 12/31/21. EUR MMFs, which left negative yield territory in the second half of 2022, yield 2.19% on average, up 18 bps from a month ago and up from 1.48% on 12/30/22 and -0.80% on 12/31/21. Meanwhile, GBP MMFs broke above the 5.0% barrier 35 months ago, but they broke back below 5.0% 24 months ago. They now yield 3.77%, up 1 bp from a month ago, and up from 3.17% on 12/30/22. Sterling yields were 0.01% on 12/31/21.
Crane's July MFI International Portfolio Holdings, with data as of 6/30/26, show that European-domiciled US Dollar MMFs, on average, consist of 31% in Commercial Paper (CP), 16% in Certificates of Deposit (CDs), 25% in Repo, 15% in Treasury securities, 11% in Other securities (primarily Time Deposits) and 2% in Government Agency securities. USD funds have on average 47.2% of their portfolios maturing Overnight, 6.3% maturing in 2-7 Days, 9.1% maturing in 8-30 Days, 9.6% maturing in 31-60 Days, 6.4% maturing in 61-90 Days, 13.1% maturing in 91-180 Days and 8.4% maturing beyond 181 Days. USD holdings are affiliated with the following countries: the U.S. (33.8%), Canada (12.9%), France (11.0%), Japan (6.9%), Germany (5.7%), the Netherlands (5.2%), the U.K. (4.8%), Australia (4.5%), Sweden (3.2%) and Finland (2.9%).
The 10 Largest Issuers to "offshore" USD money funds include: the US Treasury with $134.8B (15.0%), Fixed Income Clearing Corp with $44.7B (5.0%), RBC with $38.0B (4.2%), Nordea Bank with $25.8B (2.9%), Wells Fargo with $22.9B (2.6%), JP Morgan with $20.8B (2.3%), Barclays PLC with $20.2B (2.3%), Credit Agricole with $19.6B (2.2%), Societe Generale with $19.6B (2.2%) and BNP Paribas with $19.1B (2.1%).
Euro MMFs tracked by Crane Data contain, on average 37% in CP, 23% in CDs, 16% in Other (primarily Time Deposits), 22% in Repo, 2% in Treasuries and 0% in Agency securities. EUR funds have on average 39.8% of their portfolios maturing Overnight, 6.6% maturing in 2-7 Days, 13.7% maturing in 8-30 Days, 10.1% maturing in 31-60 Days, 8.4% maturing in 61-90 Days, 12.0% maturing in 91-180 Days and 9.4% maturing beyond 181 Days. EUR MMF holdings are affiliated with the following countries: France (24.6%), Canada (10.6%), the U.S. (10.3%), Japan (10.2%), the Netherlands (6.7%), Germany (5.4%), the U.K. (5.1%), Australia (4.1%), Sweden (4.1%) and Belgium (3.8%).
The 10 Largest Issuers to "offshore" EUR money funds include: BNP Paribas with E16.3B (5.2%), Credit Agricole with E15.7B (5.0%), JP Morgan with E10.9B (3.5%), ING Bank with E10.5B (3.4%), Mizuho Corporate Bank Ltd with E10.0B (3.2%), Agence Central de Organismes de Securite Sociale with E9.2B (2.9%), RBC with E8.6B (2.8%), Bank of Nova Scotia with E8.6B (2.7%), Nordea Bank with E8.1B (2.6%) and Societe Generale with E7.9B (2.5%).
The GBP funds tracked by MFI International contain, on average (as of 6/30/26): 37% in CDs, 22% in CP, 20% in Other (Time Deposits), 19% in Repo, 2% in Treasury and 0% in Agency. Sterling funds have on average 35.3% of their portfolios maturing Overnight, 9.0% maturing in 2-7 Days, 10.0% maturing in 8-30 Days, 11.3% maturing in 31-60 Days, 9.1% maturing in 61-90 Days, 14.2% maturing in 91-180 Days and 11.0% maturing beyond 181 Days. GBP MMF holdings are affiliated with the following countries: Canada (16.5%), France (14.8%), Japan (11.8%), the U.K. (11.6%), the U.S. (11.1%), Australia (8.1%), the Netherlands (5.0%), Singapore (4.1%), Finland (2.9%) and Spain (2.9%).
The 10 Largest Issuers to "offshore" GBP money funds include: RBC with L13.3B (5.1%), BNP Paribas with L12.1B (4.6%), UK Treasury with L11.8B (4.5%), Citi with L9.4B (3.6%), Toronto-Dominion Bank with L8.8B (3.4%), Bank of Nova Scotia with L8.1B (3.1%), Mizuho Corporate Bank Ltd with L7.6B (2.9%), Sumitomo Mitsui Trust Bank with L7.2B (2.8%), National Australia Bank Ltd with L7.0B (2.7%) and Nordea Bank with L6.8B (2.6%).
In other news, BNY Mellon reported its latest quarterly earnings, which talked briefly about cash, deposits and stablecoins. CEO Robin Vince comments, "Another component of innovation is linked to the shift toward an always-on financial ecosystem. Payments, liquidity, collateral, digital assets, and securities markets are becoming more interconnected, creating demand for infrastructure that operates with greater speed, certainty, and resilience."
He says, "We believe this represents one of the defining opportunities for financial services over the next decade. It is an area where BNY is well-positioned to lead. In the second quarter, we announced our expanded relationship with Circle, bringing together institutional digital asset custody with mint and burn capabilities for USDC within a single operating model. This builds on our role as custodian of USDC reserves and enables clients to move more seamlessly between traditional cash and blockchain-based networks through infrastructure that combines institutional-grade governance, operational resilience, and scale. We expect this will be a recurring theme as we continue to invest in the infrastructure that we believe will support the future of financial markets."
CFO Dermot McDonogh says, "Average deposit balances moderated by 1% sequentially. Non-interest-bearing deposits remained flat and interest-bearing deposits decreased by 2%. Average interest earning assets were flat sequentially. Underneath cash and reverse repo balances decreased by 3%. Investment securities balances increased by 2% and loans increased by 6%, primarily driven by growth in securities finance."
He adds, "Amid a supportive market backdrop, including strong money market fund flows, growing dealer balance sheets, and higher equity market values, we've been successful in developing innovative solutions that bring together capabilities from across BNY to support our clients' growth. In payments and trade, investment services fees were up 7%, reflecting net new business.... In the second quarter, we saw $3 billion of net inflows primarily driven by cash and fixed income strategies, partially offset by net outflows in LDI index and equity strategies."
Finally, when asked about rate hikes and deposit betas, McDonogh replies, "As it relates deposits, like we consistently say, we don't lead with deposit or deposit pricing. Deposits come as a result of all the client activity. That's why we feel like deposits have held in, particularly non-interest-bearing deposits have held in well. That's as a result of all the franchise activity that's happening around the firm across many of our platform businesses. As it relates to betas, we think it'll be largely in line with the last cycle, that was 80% for dollars and 60%-70% for EUR and GBP. Just remember that we're predominantly a dollar book, it's roughly 75% dollars, the rest split between EUR and GBP, then some JPY in there as well, but small."
