First and foremost, stable value should be considered based upon the significant return premium that it has historically delivered over MMFs. It's important to remember that to the end consumers, stable value's higher returns over time are extremely meaningful to their ability to accumulate retirement assets.
Stable value was financially engineered specifically for the defined contribution market and is only available in DC plans. Money market funds are designed to provide daily liquidity outside DC plans. DC plan participants who select money market funds are sacrificing additional returns in exchange for retail liquidity they do not need. Stable value offers participants a product with a stable net asset value, with returns far in excess of money market funds and with lower risk. Participants can transact at book value as often as they are allowed by the plan.