Fidelity Investments has registered a blockchain-based version of its US dollar money market fund, entering the rapidly growing tokenized assets market.
The OnChain share class of the Fidelity Treasury Digital Fund (FYHXX) will utilize blockchain technology to improve transfers and settlements, operating on the Ethereum network, with potential expansions to other blockchains.
Pending regulatory approval, the product is set to launch on May 30. Fidelity’s entry into the tokenized US Treasuries market coincides with a 500% growth in the sector over the past year, with other financial giants like BlackRock and Franklin Templeton offering similar products.
