Fidelity Investments filed a file to record a token version of its American monetary market fund on Ethereum – by joining Blackrock and Franklin Templeton in the Blockchain tokenization space.
The March 21 file of Fidelity with the American securities regulator said that “Onchain” would help follow the transactions of Fidelity Treasury Digital Fund (FYHXX) – a fund of $ 80 million made up almost entirely of invoices of the American Treasury.
While you are in regulatory approval, it should take effect on May 30, said Fidelity.
Fidelity’s file to record a token version of the Fidelity Treasury Digital Fund. Source: Commission of securities
ONCHAIN’s sharing class aims to ensure the transparency of investors and the verifiable monitoring of FYHXX actions transactions, although Fidelity will keep traditional records of the entry of the book as a large official property book.
“Although the Secondary Recording of Onchain’s class on a blockchain will not represent the official property file, the transfer agent will reconcile secondary blockchain transactions with official onchain class recordings at least daily.”
Fidelity said that US Treasury bills would not be directly tokenized.
The asset manager of $ 5.8 billion said that he could also extend onchain to other blockchains in the future.
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The asset managers have turned more and more to the blockchain for Tokenize cash, bonds and private credit in recent years.
The RWA tokenization market for treasury products is currently estimated at $ 4.78 billion, led by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) at $ 1.46 billion, according to Rwa.xyz.
Stock markets of blockchain treasure products. Source: Rwa.xyz
More than $ 3.3 billion in Rwas are token on the Ethereum network, followed by Stellar to $ 465.6 million.
Blackrock crypto chief Robbie Mitchnick recently said that Ethereum was still the “natural default answer” for tradfi companies seeking tokenize Rwas Onchain.
“There was no doubt that the blockchain on which we would start our tokenization would be Ethereum, and it is not only a blackrock thing, it is the default natural answer.”
“Customers clearly make choices they appreciate decentralization, they appreciate credibility, and security and it is a great advantage that Ethereum continues to dispose,” he said during the Digital Asset Summit in New York on March 20.
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