Fidelity files for Ethereum-based US Treasury fund ‘OnChain’ 🔗
Fidelity Investments has moved to register a tokenized version of its US dollar money market fund, named 'OnChain,' on the Ethereum blockchain. This initiative aligns Fidelity with other major asset managers such as BlackRock in the blockchain tokenization landscape.
As filed with the SEC on March 21, 'OnChain' aims to facilitate the tracking of transactions within Fidelity Treasury Digital Fund (FYHXX), an $80 million fund primarily invested in US Treasury bills.
The fund, pending regulatory approval, is expected to launch on May 30. While OnChain shares will provide transparency in transactions, traditional records will still serve as the official ledger.
Fidelity indicates the possible expansion of OnChain to other blockchains in the future. The tokenization market for Treasury products is estimated at $4.78 billion, led by BlackRock’s $1.46 billion fund.
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