In that case, deposits directly with the treasury makes more sense. Anyone can buy short term paper and everything else for that matter, with no commission or fees.
That’s why MM fund companies are going to have a hard time offering money market funds when current interest rates are so low - in effect making customers pay to receive only negative returns. That’s not gonna fly.
“In that case, deposits directly with the treasury makes more sense”
That’s what many investors are doing right now and there may well be a bubble in Treasury paper. If interest rates go up, and there’s reason to think that they will by March, then that Treasury bubble could pop. Just be aware that Treasuries aren’t risk free.