Catenaa, Wednesday, April 02, 2025 – Fidelity Investments has filed to tokenize a share class of its US Treasury money market fund on Ethereum, marking its first major move into asset tokenization.
The $5.9 trillion asset manager submitted its filing to the US Securities and Exchange Commission on March 21, outlining plans to launch an “OnChain” share class for its $80 million Fidelity Treasury Digital Fund (FYHXX).
Under the plan, investor share records will be logged on Ethereum for transparency and traceability, while the fund’s underlying assets—mainly US Treasury bills and cash—will remain in traditional custody.
Fidelity’s transfer agent will maintain the official ownership records off-chain, reconciling them daily with blockchain data.
Fidelity joins other financial heavyweights such as BlackRock and Franklin Templeton in adopting tokenization to modernize financial markets. The approach enables real-time settlement, fractional ownership, and broader investor access. The tokenized US Treasuries market has grown to $4.78 billion, with Ethereum alone hosting over $3.3 billion in value, according to rwa.xyz.
BlackRock’s Institutional Digital Liquidity Fund (BUIDL), launched last year, has already amassed $1.46 billion in tokenized assets, highlighting the increasing institutional adoption of blockchain technology.
Fidelity’s OnChain share class is expected to go live by May 30, pending regulatory approval.
The firm has also indicated interest in exploring other blockchain networks in the future.
