Source: Cointelegraph Original: "{title}"
Fidelity has submitted an application to register a tokenized version of its dollar money market fund on Ethereum (ETH), joining the competition in blockchain tokenization alongside companies like BlackRock and Franklin Templeton.
According to documents filed by Fidelity with U.S. securities regulators on March 21, "OnChain" will be used to track the trading activity of FYHXX—the fund, which has a size of $80 million, is almost entirely composed of U.S. Treasury securities.
Fidelity stated that while OnChain is still pending regulatory approval, it is expected to go live on May 30.
Fidelity has submitted an application to register a tokenized version of the Fidelity Treasury Digital Fund. Source: U.S. Securities and Exchange Commission (SEC)
The OnChain share class is designed to provide investors with transparency and verifiable tracking of FYHXX share trading, although Fidelity will still maintain traditional bookkeeping records as the official ownership ledger.
"While the OnChain class's secondary records on the blockchain do not represent the official ownership records, the transfer agent will still reconcile the secondary transactions on the blockchain with the official records of the OnChain class at least daily."
Fidelity stated that U.S. Treasury bills will not be directly tokenized.
The company, which manages $5.8 trillion in assets, also indicated that it may expand OnChain to other blockchains in the future.
In recent years, asset management firms have increasingly utilized blockchain to tokenize Treasury bills, bonds, and private credit.
According to data from rwa.xyz, the market size for RWA tokenization of Treasury products has reached $4.78 billion, with BlackRock's U.S. Dollar Institutional Digital Liquidity Fund (BUIDL) accounting for $1.46 billion.
Market capitalization of blockchain-based Treasury products. Source: rwa.xyz
Over $3.3 billion of RWA has been tokenized on the Ethereum network, followed by Stellar, with approximately $465.6 million.
Robbie Mitchnick, head of BlackRock's crypto division, recently stated that Ethereum remains the "default choice" for traditional finance (TradFi) companies for RWA on-chain tokenization.
"We never doubted that the blockchain for launching tokenization would be Ethereum. This is not just BlackRock's choice, but the industry's default answer."
"The choice of clients is very clear—they value decentralization, credibility, and security, which are the significant advantages that Ethereum continues to possess," Mitchnick said at the New York Digital Assets Summit on March 20.
Related: Limited capital inflows, Solana futures ETF will still drive institutional participation.
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