AFP Survey Finds Stablecoins Remain Peripheral to Liquidity Strategies as Cash Reserves Rise

The 2026 AFP Liquidity Survey reveals short-term investment portfolios remain conservative yet increasingly diversified

ROCKVILLE, Md., June 16, 2026 /PRNewswire/ -- Corporate treasury departments are increasing their U.S. cash balances while maintaining a cautious stance on stablecoins and tokenized products, according to the 2026 AFP Liquidity Survey Report, underwritten by Invesco. The report released by the Association for Financial Professionals (AFP) highlights a focus on formal governance and diversified investments within safe and liquid assets.

Key takeaways

• Stablecoins in limited use: Though a majority of organizations are aware of stablecoins and tokenized products, only 1% are piloting or using them in a limited capacity, while 9% are actively exploring the technology.
• Increased U.S. cash balances: Forty-six percent of organizations increased their U.S. cash balances as of March 2026, up from 38% the previous year.
• Formal liquidity governance: Three in four organizations have a written investment policy that dictates their short-term investment strategy.

Why it matters
The survey findings underscore a cautious approach to liquidity management amidst shifting market dynamics, evidenced by an increase in cash holdings. While respondents attributed this growth, in part, to increased operating cash flow, they also cited domestic political and regulatory risks, suggesting a focus on risk mitigation. Further, the normalization of written cash investment policies reflects how organizations are implementing guardrails to strengthen their balance sheets. Consequently, despite strong awareness of stablecoins and tokenized products, treasury teams remain hesitant to embrace them while regulations are still pending.

Short-term investment portfolios shift toward safety and diversification
An average of 83% of short-term investment balances are held in safe and liquid investment vehicles, such as bank deposits, money market funds and Treasury securities. The average share of investments in bank deposits dropped to 42%, the lowest since 2011, while the average share in Treasury securities increased, suggesting a preference for safer assets and greater diversification.

Key quotes
"Current liquidity strategies prioritize safety and risk mitigation, leaving stablecoins and tokenized products on the periphery for most treasury teams despite high awareness. But with the passage of the GENIUS Act and additional regulations in development, treasury teams need to build their knowledge now, so they can make informed decisions once the rules are finalized," said Tom Hunt, CTP, Director of Treasury Practice at AFP.

"Money market funds continue to play a critical role in helping institutional investors balance principal preservation, liquidity, and yield in an increasingly complex environment," said Laurie Brignac, CIO and Head of Global Liquidity, Invesco. "We're pleased to once again partner with AFP on its 21st annual Liquidity Survey, which explores current and emerging trends in corporate cash management."

Survey methodology
The 2026 AFP Liquidity Survey was conducted in March 2026 among 309 treasury professionals from U.S. organizations of varying sizes and industries.

Download the survey report
Full survey findings are available in the 2026 AFP Liquidity Survey Report.

FAQs
What is the most important factor companies look for in a bank?
The most important factor is relationship strength, followed by credit quality and counterparty risk.

What is the most important factor companies look for in a money market fund?
The most important factor is yield, followed by fund ratings and a stable net asset value.

Is interest in real-time liquidity growing?
Yes, 41% of organizations expect money market funds to offer 24/7 liquidity, up from 38% in 2025.

About AFP^®
The Association for Financial Professionals (AFP) is the leading professional society dedicated to helping financial professionals achieve their greatest career potential. Since 1979, AFP has been connecting financial professionals to the real-world expertise of their global peers, notably through the largest annual conference for treasury and corporate finance. As the certifying body for the Certified Treasury Professional (CTP®) and Certified Corporate FP&A Professional (FPAC®) credentials, AFP sets the standard of excellence in the profession. For more information, visit financialprofessionals.org.

Media contact
Joe Hodanich
Senior Director, Digital Strategy & Content
Association for Financial Professionals
Email: [email protected]

SOURCE Association for Financial Professionals