Figure 1: Net Assets in U.S. Money Market Funds
Source: SEC Form N-MFP.
This stacked area chart shows the net assets of three types of money market funds (Tax-Free, Prime, and Government) from 2010 to 2025, measured in trillions of dollars. Key observations: Government money market funds (shown in blue) have seen the most significant growth, especially since 2015. Prime money market funds (shown in orange) experienced a sharp decline in 2015 but have since partially recovered. Tax-Free money market funds (shown in green) have remained relatively small and stable throughout the period. The total net assets across all fund types have grown from about $3 trillion in 2010 to over $7 trillion by 2025. Government funds dominate the market by 2025, accounting for the majority of total net assets. Data trends: Government funds: Started around $1 trillion in 2010, grew steadily to over $5 trillion by 2025. Prime funds: Began at about $2 trillion in 2010, dropped sharply in 2015 to under $1 trillion, then gradually recovered to about $1.5 trillion by 2025. Tax-Free funds: Consistently the smallest category, remaining under $0.5 trillion throughout the entire period. The chart illustrates a significant shift in the money market fund landscape, with Government funds becoming increasingly dominant over the 15-year period.
Figure 2: Net Assets in Money Market Fund Exchange Traded Funds
Notes: MMKT is Texas Capital Government Money Market (MM) ETF; GMMF is iShares Government MMETF; PMMF is iShares Prime MM ETF; SGVT is Schwab Government MMETF, and SBIL is Simplify
Government MMETF. Source: Bloomberg.
This stacked area chart shows the net assets of three types of money market funds (MMKT, GMMF, and PMMF) from August 2024 to April 2025, measured in millions of dollars. Key observations: All three fund types show growth over the period, with the most significant growth occurring after December 2024. PMMF (shown in green) exhibits the most dramatic increase, especially from December 2024 onward. GMMF (shown in orange) shows moderate growth throughout the period. MMKT (shown in blue) has the slowest growth rate but remains stable. By April 2025, the total net assets across all fund types reach approximately $330 million. Data trends: MMKT: Starts at near $0 in August 2024 and grows to about $40 million by April 2025. GMMF: Begins to show noticeable growth from December 2024, reaching about $60 million by April 2025. PMMF: Experiences rapid growth starting in December 2024, becoming the largest category and reaching about $230 million by April 2025. The chart illustrates a significant shift in the money market fund landscape over this 9-month period, with PMMF becoming increasingly dominant, particularly in the latter half of the period.
Figure 3: Net Assets in Tokenized MMFs
Notes: BENJI (FOBXX) is Franklin OnChain U.S. Government Money Fund, WTGXX is WisdomTree Government Money Market Digital Fund, and FDIT is Fidelity Digital Interest Token. Source: rwa.xyz.
This stacked area chart shows the growth of assets in two categories of tokenized cash-like products from January 2023 to April 2025, measured in USD billions. Key observations: The chart tracks two categories: Tokenized Registered MMMFs (light blue) and Other Tokenized Cash Products (dark blue). Both categories show growth over the period, with Other Tokenized Cash Products experiencing more dramatic growth. Total assets grow from less than $1 billion in January 2023 to over $7 billion by April 2025. The most significant growth occurs from October 2024 onwards. Data trends: Tokenized Registered MMMFs: Show steady but slow growth throughout the period, reaching about $1 billion by April 2025. Other Tokenized Cash Products: Experience more rapid growth, especially from October 2024, reaching about $6 billion by April 2025. The chart illustrates the increasing popularity of tokenized cash-like products, with non-registered products (Other Tokenized Cash Products) showing particularly strong growth in the latter part of the period. This trend suggests a shift in the market towards newer, potentially less regulated tokenized cash products.
Figure 4: Market Capitalization of Stablecoins
Source: CoinGecko.
This stacked area chart shows the market capitalization of three categories of stablecoins from 2018 to 2025, measured in billions of dollars. Key observations: The chart tracks three categories: Tether (blue), USDC (orange), and Others (green). All categories show significant growth over the period, with the most dramatic growth occurring from 2020 onwards. Total market capitalization grows from near zero in 2018 to over $250 billion by 2025. Tether consistently maintains the largest market share throughout the period. Tether starts as the dominant stablecoin and maintains its lead, growing to about $150 billion by 2025. USDC shows rapid growth starting in 2020, becoming the second-largest category and reaching about $60 billion by 2025. Others collectively grow significantly from 2020, with some volatility, reaching about $40 billion by 2025. The chart illustrates the explosive growth of the stablecoin market, particularly from 2020 onward.
Figure 5: Change in Circulating Supply and Market Prices for Tether and USDC
Panel A: Tether
Panel B: USDC
Notes: Data shown are at a daily frequency, from May 2020 through May 2025. The SVB episode is excluded from the
analysis. Sources: CoinGecko; authors' calculations.
This dual-axis line graph shows the secondary market price of USDC and the change in its circulating supply from February 11 to April 8, 2023. Key observations: The chart tracks two metrics: USDC Price (blue line) and Change in Circulating Supply (orange line). A significant event "March 10: SVB failed" is marked on the chart. The USDC price remains close to $1 for most of the period but experiences a sharp drop on March 11. The change in circulating supply shows a dramatic decrease following the SVB failure.
Figure 6: Selected MMETFs' Market and NAV Prices
Panel A: PMMF
Panel B: GMMF
Notes: PMMF is iShares Prime Money Market ETF; and GMMF is iShares Government Money Market ETF. Source: Bloomberg.
This exhibit consists of two scatter plots comparing the secondary market prices and changes in circulating supply for Tether and USDC stablecoins. Key observations: Both charts use the same axes: Secondary Market Prices (x-axis) ranging from $0.980 to $1.015, and Change in Circulating Supply (y-axis) ranging from -5% to 5%. The Tether chart uses blue dots, while the USDC chart uses red dots. Both stablecoins show a concentration of data points around the $1.000 price mark. The spread of data points for both stablecoins is roughly similar. Most data points cluster between $0.995 and $1.005 on the price axis. Changes in circulating supply mostly range from -2% to 2%. A few outliers show more extreme changes in circulating supply, reaching up to 4% and down to -4%.
Figure 7: USDC's Circulating Supply and Market Prices around March 2023
Notes: Data shown are at a daily frequency and do not show that USDC's price fell to an intraday low of $0.88 on March 11, 2023. Source:
CoinGecko.
This line graph compares the Market Price and NAV (Net Asset Value) Price of a financial instrument over an unspecified time period. Key observations: The chart shows two overlapping lines: Market Price (blue) and NAV Price (orange). The y-axis represents price, ranging from $99.90 to $100.60. Both prices generally move in tandem, with frequent small divergences. The overall trend shows cyclical patterns of price increases followed by sharp declines. Data trends: Starting point: Both prices begin just above $100.00. Cyclical pattern: The graph shows several cycles where prices rise gradually and then drop sharply. Price range: Prices mostly fluctuate between $100.10 and $100.50. Convergence: Towards the end of the period, the price movements become less volatile and more closely aligned. Ending point: The graph ends with both prices stabilizing around $100.20.
Figure A-1: Market and NAV Prices for Other MMETFs
MMKT
SGVT
SBIL
Notes: MMKT is Texas Capital Government Money Market ETF, SGVT is Schwab Government Money Market ETF, and SBIL is Simplify Government Money Market ETF.
Source: Bloomberg
This figure shows a line graph comparing Market Price and NAV Price over time, from September 2024 to May 2025. The two lines, representing Market Price in blue and NAV Price in orange, closely track each other throughout the period. The graph displays a series of sharp rises and falls in both prices, with peaks generally occurring around the middle of each month. The overall trend shows prices starting around $100 in September 2024, rising to peaks above $100.5 multiple times, with the highest points reaching close to $100.6. There are several noticeable dips, particularly steep ones in November 2024 and January 2025, where prices fall sharply before quickly recovering. After March 2025, the price movements become less volatile, with smaller fluctuations and both prices settling into a narrow range just above $100.20 by May 2025. The close alignment of the Market Price and NAV Price lines suggests that the market price of the asset closely follows its net asset value throughout this period, with only minor deviations between the two.