ENCASH MANAGEMENT, MONEY MARKETS & LIQUIDITY · OCTOBER 25, 2026
SEC Data Shows Money-Market Assets Near $7.4 Trillion as Tokenized Funds Grow
The SEC's September money-market-fund statistics show 296 reporting funds, about $7.4 trillion in stable-price-fund net assets, and nine tokenized money-market funds with $2.7 billion in net assets.
What the SEC staff report shows
Source publication date: October 23, 2026. The SEC Division of Investment Management's Analytics Office compiled Form N-MFP filings received through October 19 for reporting periods through September. Excluding feeder funds, 296 money-market funds reported, up from 295 in August and 279 in September 2025. The total included 217 government and Treasury funds, 38 prime funds, and 41 tax-exempt funds. The Commission expressed no view on the staff report, and filings or methodology may later be amended.
- 01296 funds reported
- 02Stable-price assets remained near $7.4T
- 03Nine tokenized funds held $2.7B
Stable-price assets remained very large
Funds seeking to maintain a stable share price reported approximately $7.405 trillion in net assets in September, compared with about $7.429 trillion in August and $6.844 trillion one year earlier. Government and Treasury stable-price funds represented roughly $6.274 trillion of the September total, with prime retail and tax-exempt retail funds making up the balance. Fund category, eligible investors, portfolio, liquidity, tax treatment, and redemption mechanics differ and should not be inferred from the aggregate.
Tokenized funds remain small but are expanding
SEC staff identified nine tokenized money-market funds in September, compared with five a year earlier. Their reported net assets were about $2.731 billion, including approximately $2.038 billion in Treasury funds and $0.693 billion in government funds. In the report, tokenized refers to maintaining a record of ownership in whole or in part through one or more crypto networks; it does not mean the fund, token, wallet, platform, or settlement arrangement is risk-free or approved by the Commission.
Practical borrower and investor takeaway
Classify each cash pool by purpose, required availability, permitted investment, deposit-insurance status, fund and share class, settlement window, redemption limits, fees, seven-day yield, tax treatment, custodian, wallet or account control, cyber risk, and reconciliation. Confirm whether a lender treats the asset as unrestricted cash, eligible collateral, a controlled account, or an investment requiring consent. Maintain bank and payment alternatives for payroll, taxes, closing funds, and debt service because an investment account is not operationally identical to a demand deposit.
Businesses and investors should distinguish operating deposits from investment products and verify fund type, liquidity, settlement, fees, yield, custody, tokenization, lender treatment, and fallback cash access before placing transaction or reserve funds.
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