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Money market fund for stablecoin reserves (not tokenized). Issuer: Northern Institutional Funds (SEC CIK 710124); adviser Northern Trust Investments, Inc.. Official page. 15 fields verified, 6 unknown, 0 disputed.
As of 2026-10-26, who can invest for NSCXX: Stablecoin issuers and institutional investors, per SEC EDGAR filing.
As of 2026-10-26, minimum initial investment for NSCXX: USD 5,000,000, per SEC EDGAR filing.
As of 2026-10-26, redemption timing for NSCXX: Any business day, through a Northern Trust account representative, an authorized intermediary, or directly by mail, telephone or wire, per SEC EDGAR filing.
As of 2026-10-26, management fee / expense ratio for NSCXX: Shares: management fee 0.16%; total 0.23%; 0.18% after reimbursement (contractual through September 30, 2027), per SEC EDGAR filing.
As of 2026-10-26, reserve / holdings report type for NSCXX: SEC-registered fund reporting (prospectus, shareholder reports, Form N-MFP), per SEC EDGAR filing.
| Field | Value | Status | Source | Note |
|---|---|---|---|---|
| Issuer | Northern Institutional Funds (SEC CIK 710124); adviser Northern Trust Investments, Inc. | verified | SEC EDGAR filing, retrieved 2026-10-26 | Summary prospectus (SEC Form 497K, Northern Institutional Funds) dated September 8, 2026 |
| Product type | SEC-registered government money market fund (Rule 2a-7) intended to serve as reserves backing payment stablecoins; Shares NSCXX, Premier Shares NSPXX. Not a tokenized fund. | verified | SEC EDGAR filing, retrieved 2026-10-26 | Summary prospectus (SEC Form 497K, Northern Institutional Funds) dated September 8, 2026 |
| Onchain / tokenized? | No | verified | SEC EDGAR filing, retrieved 2026-10-26 | No blockchain share class described for this portfolio. Northern Trust's tokenized share class is on a different fund (NIF Treasury Instruments Portfolio), not covered here |
| Legal framework | Investment Company Act of 1940 registered government money market fund (Rule 2a-7) | verified | SEC EDGAR filing, retrieved 2026-10-26 | Summary prospectus (SEC Form 497K, Northern Institutional Funds) dated September 8, 2026 |
| Underlying holdings | Cash, Treasury obligations with remaining maturity of 93 days or less, and overnight repurchase agreements collateralized by Treasuries; does not invest in stablecoins | verified | SEC EDGAR filing, retrieved 2026-10-26 | Summary prospectus (SEC Form 497K, Northern Institutional Funds) dated September 8, 2026 |
| Blockchains | verified | SEC EDGAR filing, retrieved 2026-10-26 | Not tokenized | |
| Open to US persons (per issuer) | Unknown | unknown | Summary prospectus does not state US or non-US eligibility (checked 2026-10-26) | |
| Who can invest | Stablecoin issuers and institutional investors | verified | SEC EDGAR filing, retrieved 2026-10-26 | 'The Portfolio is designed for purchase by stablecoin issuers and institutional investors' |
| KYC required | Unknown | unknown | Not stated in the summary prospectus (checked 2026-10-26) | |
| Minimum initial investment | USD 5,000,000 | verified | SEC EDGAR filing, retrieved 2026-10-26 | Shares (NSCXX): USD 5 million for a direct account with the Trust; no minimum through a Northern Trust institutional account or authorized intermediary. Premier Shares (NSPXX): no minimum, offered only through Northern Trust custody sweep |
| Subscription timing | Unknown | unknown | Purchase days and cutoffs not captured from the summary prospectus (checked 2026-10-26) | |
| Subscription / mint fee | None (no shareholder fees) | verified | SEC EDGAR filing, retrieved 2026-10-26 | |
| Subscription currency | Unknown | unknown | Not stated in the summary prospectus (checked 2026-10-26) | |
| Redemption timing | Any business day, through a Northern Trust account representative, an authorized intermediary, or directly by mail, telephone or wire | verified | SEC EDGAR filing, retrieved 2026-10-26 | |
| Redemption fee | None (no shareholder fees) | verified | SEC EDGAR filing, retrieved 2026-10-26 | |
| Redemption settlement | Unknown | unknown | Not stated in the summary prospectus (checked 2026-10-26) | |
| Redemption limits or gates | Wire redemptions from a direct account have a USD 10,000 minimum; as a government money market fund it is not required to impose liquidity fees | verified | SEC EDGAR filing, retrieved 2026-10-26 | |
| Management fee / expense ratio | Shares: management fee 0.16%; total 0.23%; 0.18% after reimbursement (contractual through September 30, 2027) | verified | SEC EDGAR filing, retrieved 2026-10-26 | |
| Assets (issuer-reported) | Unknown | unknown | No AUM captured (checked 2026-10-26) | |
| Reserve / holdings report type | SEC-registered fund reporting (prospectus, shareholder reports, Form N-MFP) | verified | SEC EDGAR filing, retrieved 2026-10-26 | |
| GENIUS Act note | Structured to hold the reserves for stablecoins as permitted under the GENIUS Act (Northern Trust release, Sep 8, 2026) | verified | Northern Trust, retrieved 2026-10-26 |