Fidelity files to tokenize US Treasury fund on Ethereum, signaling growing interest in blockchain

From Cointelegraph
March 23, 2025 7:59 PM:

Fidelity Investments files to register tokenized version of US dollar money market fund on Ethereum. OnChain to track transactions of Fidelity Treasury Digital Fund consisting of $80 million in US Treasury bills. Pending regulatory approval, expected to take effect on May 30. Fidelity may expand to other blockchains in the future.

Asset managers increasingly turn to blockchain to tokenize Treasury bills, bonds, and private credit. RWA tokenization market for Treasury products valued at $4.78 billion, led by BlackRock USD Institutional Digital Liquidity Fund at $1.46 billion. Over $3.3 billion worth of RWAs tokenized on Ethereum network, followed by Stellar at $465.6 million.

BlackRock’s head of crypto, Robbie Mitchnick, says Ethereum is the “natural default answer” for TradFi firms looking to tokenize RWAs onchain. Clients value decentralization, credibility, and security of Ethereum. Mitchnick made comments at Digital Asset Summit in New York on March 20.

Read more at Cointelegraph: Fidelity files for Ethereum-based US Treasury fund ‘OnChain’