The Investment Company Institute'​s latest weekly "Money Market Fund Assets" report shows money fund assets jumping $​47.​7 billion to a record $​7.​948 trillion, after falling $​18.​9 billion the previous week. MMF assets are up by $​870 billion, or 12.​3%, over the past 52 weeks (​through 7/​1/​26), with Institutional MMFs up $​691 billion, or 16.​6% and Retail MMFs up $​179 billion, or 6.​1%. Year-​to-​date in 2026, MMF assets are up by $​215 billion, or 2.​8%, with Institutional MMFs up $​205 billion, or 4.​4% and Retail MMFs up $​10 billion, or 0.​3%. ICI'​s weekly release says, "Total money market fund assets increased by $​47.​71 billion to $​7.​95 trillion for the week ended Wednesday, July 1, the Investment Company Institute reported.... Among taxable money market funds, government funds increased by $​34.​11 billion and prime funds increased by $​11.​36 billion. Tax-​exempt money market funds increased by $​2.​24 billion.” ICI'​s stats show Institutional MMFs increasing $​44.​1 billion and Retail MMFs increasing $​3.​6 billion in the latest week. Total Government MMF assets, including Treasury funds, were $​6.​556 trillion (​82.​5% of all money funds), while Total Prime MMFs were $​1.​241 trillion (​15.​6%). Tax Exempt MMFs totaled $​150.​9 billion (​1.​9%). It explains, "Assets of retail money market funds increased by $​3.​60 billion to $​3.​09 trillion. Among retail funds, government money market fund assets increased by $​1.​12 billion to $​1.​96 trillion, prime money market fund assets increased by $​1.​25 billion to $​986.​34 billion, and tax-​exempt fund assets increased by $​1.​23 billion to $​136.​88 billion." Retail assets account for 38.​8% of the total, and Government Retail assets make up 63.​6% of all Retail MMFs. They add, "Assets of institutional money market funds increased by $​44.​11 billion to $​4.​86 trillion. Among institutional funds, government money market fund assets increased by $​32.​99 billion to $​4.​59 trillion, prime money market fund assets increased by $​10.​11 billion to $​254.​86 billion, and tax-​exempt fund assets increased by $​1.​01 billion to $​13.​99 billion." Institutional assets accounted for 61.​2% 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 $​35.​0 billion to a record high $​8.​385 trillion month-​to-​date in July (​as of 7/​1). Assets 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, $​142.​1 billion in October, $​105.​2 billion in September and $​132.​0 billion in August. They rose $​63.​7 billion last July. 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.

Marty Margolis'​s latest Public Funds Investment Institute posting is titled, "Halftime: What'​s in Store for the Balance of 2026?" It explains, "Last week'​s Crane Money Fund Symposium brought together portfolio managers who invest assets in the $​8 trillion money market fund industry along with those who invest portfolios for the major banks. It'​s a small number of people whose views on the economy and investment markets are incredibly important in setting the course for short-​term interest rates. The symposium came on the heels of the first Federal Open Market Committee meeting chaired by Kevin Warsh which seemed to mark the beginning of a new direction for monetary policy. The timing and the audience provided an opportunity to consider the path of the short-​term fixed income market for the balance of 2026." It summarizes, "With that in mind here are key themes that came out of the meeting: The Fed Will Raise Rates. The consensus of portfolio managers seemed to be for one or two 25 basis point increases in the Federal Reserve'​s target rate (​currently 3.​50%-​3.​75%) over the balance of 2026. Bank and broker economists at the symposium, many of whom are regularly on Bloomberg, CNBC and on investor roadshows had a wider dispersion of views, from forecasts of unchanged rates to those who foresee three increases. Portfolio managers leaned toward the mild side. One or two increases would be a big change from the outlook early in 2026, when federal funds futures contracts predicted an overnight rate of 3% or less by year-​end, but persistent inflation and a slow but positive expansion of economic activity have led to the adjustment." The piece also says, "A Surge in Treasury Bill Supply Will Dominate the Second Half of 2026," stating, "Treasury is expected to issue $​800 billion(!) of bills over the next six months to fund the federal deficit. It will increase outstanding bill supply by about 12%. This may seem like a striking figure, but it'​s in line with issuance last year. If you are a buyer/​investor more supply is a positive as it should put modest upward pressure on yields." Margolis updste adds, "Market participants expect that money funds will continue to absorb much of the supply with their assets extending the pace of recent growth. Bill issuance over the past several years has been matched by growth in money fund assets." Finally, the article tells us, "The Prospect of More Bills Could Put Modest Upward Pressure on Money Market Yields." It says, "Bank deposit rates and commercial paper rates could rise to add spread to comparable bill rates. Financial institutions will want to assure funding in the face of the bill onslaught and also position for the end of the year when funding normally gets more challenging. Some evidence of spread widening already has shown up in levels posted by banks for maturities of six months or more, and this spread widening could continue in coming weeks.... Market participants are buzzing about stable coins, tokenized money fund shares and money fund ETFs but these innovations remain on the fringe. Either the technologies are still in formation, or the business case is lacking, and they are not seen as impacting the markets, at least in the short run."

A posting on Yahoo Finance, "Invesco Targets Stablecoin Reserves With New Tokenized Money Market Fund," explains, "Invesco ($​IVZ) is moving deeper into the stablecoin reserve market with a new tokenized money market fund aimed at issuers looking for compliant, yield-​bearing cash management. The $​2.​45 trillion asset manager filed an amended registration statement with the Securities and Exchange Commission on June 24 to add the Invesco Stablecoin Reserves Onchain Fund to its Short-​Term Investments Trust. The fund does not yet have a ticker and is expected to become effective about 60 days after the filing, unless regulators intervene." The piece says, "Superstate'​s role gives the product its onchain layer. The filing describes a blockchain-​integrated recordkeeping system that combines off-​chain book-​entry records with digital representations of fund shares on designated public blockchains. Wallets must be registered and verified, keeping the product closer to permissioned institutional infrastructure than open crypto trading." The story adds, "The filing adds Invesco to a growing group of Wall Street firms positioning money market funds as stablecoin reserve infrastructure. The category has become more attractive as stablecoin legislation gives issuers a clearer map for eligible reserves, while tokenized fund platforms try to make those assets usable inside faster settlement and collateral workflows. Invesco already had a link to the sector after taking over day-​to-​day portfolio management of Superstate'​s USTB tokenized Treasury fund earlier this year." See the SEC filing for Invesco Stablecoin Reserves Onchain Fund here. For more on Stablecoin Reserve funds, see these Crane Data News stories: "Fidelity Reserves Digital Fund Goes Live" (​6/​23/​26), "State Street Stablecoin Reserves Goes Live" (​6/​17/​26), "Federated MMR Digital Treasury Fund" (​6/​10/​26), "BNY Files for Dreyfus On-​​Chain Liquidity Fund for Stablecoin Reserves" (​5/​22/​26), "Fidelity Files for Reserves Digital Fund, 5th Stablecoin Reserve MMF" (​3/​23/​26), "Dec. MFI: MMFs Hit $​8.​0T, Top 10; JPM '​26 Outlook; Stablecoin Reserves" (​12/​5/​25), "State Street Files for Stablecoin Reserves MMF; BNY'​s Stephanie Pierce" (​11/​19/​25), "BNY Stablecoin Reserves Goes Live; ICI: Assets Eke Out Record $​7.​5T" (​11/​14/​25),"BNY'​s Vince on Q3 Call: Money Market Evolution, Dreyfus, Stablecoins" (​10/​22/​25), "BlackRock Breaks $​1 Trillion in Money Funds; Offers Stablecoin Reserve" (​10/​17/​25), "Sept. MFI: Assets Break $​7.​6T; Stablecoin Reserves; JPM on Offshore MFs" (​9/​8/​25), "BNY Dreyfus to Launch Stablecoin Reserves Fund; Joins Goldman, Circle" (​8/​20) and "Goldman Files to Launch Stablecoin Reserves Fund; Circle Q2 Earnings" (​8/​13/​25).

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