{"id":53936,"date":"2025-03-24T09:08:10","date_gmt":"2025-03-24T09:08:10","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=53936"},"modified":"2025-03-24T09:08:10","modified_gmt":"2025-03-24T09:08:10","slug":"fidelity-files-to-tokenize-u-s-dollar-money-market-fund-on-ethereum","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=53936","title":{"rendered":"Fidelity Files to Tokenize U.S. Dollar Money Market Fund on Ethereum"},"content":{"rendered":"

Fidelity Investments has <\/span>filed<\/span> to register a tokenized version of its US dollar money market fund on Ethereum. <\/span><\/p>\n

The move aligns the $5.8 trillion asset manager with industry giants like BlackRock and Franklin Templeton, both <\/span>of which are<\/span> exploring real-world asset (RWA) tokenization.<\/span><\/p>\n

In a <\/span>filing submitted<\/span><\/a> to the US Securities and Exchange Commission (SEC) on 21 March 2025, Fidelity outlined plans for a new share class named \u201cOnChain,\u201d designed to track transactions of the Fidelity Treasury Digital Fund (FYHXX).<\/span><\/p>\n

The fund currently holds approximately $80 million, primarily <\/span>in<\/span> US Treasury bills.<\/span><\/p>\n

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Fidelity\u2019s OnChain Fund Awaits Approval, Expected To Launch By May 30<\/span><\/h2>\n

While the OnChain structure is still pending regulatory approval, Fidelity anticipates it will go into effect <\/span>by 30 May 2025<\/span>. The initiative aims to provide investors with increased transparency and verifiable tracking of transactions via blockchain. <\/span><\/p>\n

However, the firm clarified that official ownership records will still be maintained using traditional book-entry systems.<\/span><\/p>\n

Fidelity, after BlackRock, has picked Ethereum for its tokenized fund.
Why Ethereum?<\/p>\n

1. Security: secured by $120b<\/p>\n

2. Reputation: 10 years without any downtime or security breach<\/p>\n

3. Liquidity: Most stables<\/p>\n

4. Institution friendly: Hub of Tokenization, DeFi activities, with\u2026 https:\/\/t.co\/rl9yGA0V4c<\/a><\/p>\n

\u2014 fabda.eth (@fabdarice) March 23, 2025<\/a><\/p>\n\n

\u201cThe secondary recording of the OnChain class on a blockchain will not represent the official record of ownership,\u201d Fidelity noted. \u201cThe transfer agent will reconcile blockchain transactions with the official records <\/span>on a daily basis<\/span>.\u201d<\/span><\/p>\n

Importantly, Fidelity said that the underlying Treasury bills <\/span>themselves<\/span> would not <\/span>be directly tokenized<\/span>.<\/span><\/p>\n

The filing also hints at broader ambitions, suggesting that OnChain could <\/span>be extended<\/span> to other blockchains in the future. <\/span>This<\/span> positions Fidelity as a growing player in the expanding market of tokenized RWAs, which now includes $4.78 billion worth of Treasury products, according to rwa.<\/span>xyz<\/span>. <\/span><\/p>\n

Ethereum remains the dominant network, hosting over $3.3 billion of tokenized assets, followed by Stellar with $465.6 million.<\/span><\/p>\n

BlackRock\u2019s head of crypto, Robbie Mitchnick, recently reaffirmed Ethereum\u2019s dominance in the tokenization space, calling it the \u201cnatural default\u201d for traditional finance players. <\/span><\/p>\n

Speaking at<\/span> the Digital Asset Summit in New York, Mitchnick emphasized that Ethereum\u2019s decentralization, credibility, and security continue to make it the preferred choice for tokenizing RWAs.<\/span><\/p>\n\n

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Crypto ETF Filings Surge Following Gensler\u2019s Departure<\/span><\/h2>\n

Crypto ETF filings have surged following the resignation of<\/span> SEC Chair Gary Gensler on Jan. 20<\/span>, signaling renewed optimism among asset managers.<\/span><\/p>\n

Gensler, known for his cautious stance on crypto regulations,\u00a0stepped down\u00a0amid increasing pressure for greater regulatory clarity in the digital asset space.<\/span><\/p>\n

His departure has triggered a wave of new crypto ETF filings, including\u00a0Osprey Funds\u00a0and REX Shares, which filed for\u00a0meme coin ETFs covering Dogecoin (DOGE), Official Trump (TRUMP), and Bonk (BONK) on Jan. 21.<\/span><\/p>\n

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\n

Key Takeaways<\/h3>\n

Fidelity has filed to tokenize its $80 million U.S. money market fund on Ethereum via a new \u201cOnChain\u201d share class.<\/span> <\/p>\n

The tokenized fund is pending SEC approval and is expected to launch by May 30.<\/span> <\/p>\n

Ethereum remains the top choice for asset tokenization, with over $3.3 billion in tokenized assets.<\/span> <\/p><\/div>\n

The post Fidelity Files to Tokenize U.S. Dollar Money Market Fund on Ethereum<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Fidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum. The move aligns the $5.8 trillion asset manager with industry giants like BlackRock and Franklin Templeton, both of which are exploring real-world asset (RWA) tokenization. In a filing submitted to the US Securities and Exchange Commission (SEC) […]<\/p>\n","protected":false},"author":0,"featured_media":53937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-53936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/53936"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=53936"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/53936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/53937"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=53936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=53936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=53936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}