US Money Market Fund Assets Rise to $7.96 Trillion, ICI Says

The headline figure is less informative than its placement in the broader liquidity picture: money market funds sit at the cash-like end of the same allocator spectrum that tokenized Treasuries and on-chain cash equivalents are trying to capture. A rising total suggests demand for yield-bearing, low-duration parking spots remains intact, which is the pool RWA products compete against rather than replace. The absence of a breakdown — retail versus institutional, taxable versus government — is the real limitation here; without it, whether this reflects defensive positioning or routine cash management is the open question.