Fidelity joins asset tokenization trend by filing for blockchain-based U.S. Treasury Fund.

From Yahoo Finance: 2025-03-23 03:53:00

Asset manager Fidelity Investments registers blockchain-based, tokenized U.S. dollar money market fund, seeking to join tokenized asset trend. The company files with the SEC to register “OnChain” share class of Fidelity Treasury Digital Fund, holding cash and U.S. Treasury securities. The fund uses Ethereum network and may expand to other blockchains.

Global banks and asset managers increasingly tokenize traditional financial instruments for operational efficiency. Fidelity, with $5.8 trillion in assets under management, follows trend with tokenized U.S. Treasuries. Blackrock leads with $1.5 billion in assets for similar tokenized T-bill fund called BUIDL. Franklin Templeton’s on-chain money market product amassed $689 million since 2021.

Tokenized U.S. Treasury market grows to $4.77 billion, almost 500% increase in past year. Fidelity also big issuer of spot bitcoin and ether exchange-traded funds (ETF) in U.S., with $16.5 billion FBTC and $780 million FETH, according to SoSoValue data.



Read more at Yahoo Finance: Fidelity Files for Onchain U.S. Treasury Fund, Joining the Asset Tokenization Race