
Fidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum. This move positions the $5.8 trillion asset manager alongside other industry leaders such as BlackRock and Franklin Templeton, which are also exploring real-world asset (RWA) tokenization.
In a filing submitted to the US Securities and Exchange Commission (SEC) on March 21, 2025, Fidelity detailed plans for a new share class named “OnChain,” designed to track transactions of the Fidelity Treasury Digital Fund (FYHXX).
The fund currently holds approximately $80 million, primarily in US Treasury bills.
Fidelity’s OnChain Fund Awaits Approval, Expected To Launch By May 30
While the OnChain structure is still pending regulatory approval, Fidelity anticipates it will become effective by May 30, 2025. The initiative aims to provide investors with increased transparency and verifiable tracking of transactions on the blockchain. However, Fidelity clarified that official ownership records will still be maintained using traditional book-entry systems.
Fidelity, after BlackRock, has picked Ethereum for its tokenized fund.
Why Ethereum?
- Security: secured by $120 billion
- Reputation: 10 years without any downtime or breaches
- Liquidity: Most stables
- Institution friendly: Hub of Tokenization, DeFi activities, with… Link
— fabda.eth (@fabdarice) March 23, 2025
Fidelity noted that the secondary recording of the OnChain class on the blockchain will not represent the official record of ownership. The transfer agent will reconcile blockchain transactions with the official records on a daily basis.
Importantly, Fidelity stated that the underlying Treasury bills themselves would not be directly tokenized. This filing suggests broader ambitions, hinting that OnChain could be extended to other blockchains in the future, positioning Fidelity as a significant player in the market of tokenized RWAs, which currently includes $4.78 billion worth of Treasury products.
Ethereum remains the dominant network, hosting over $3.3 billion of tokenized assets, followed by Stellar with $465.6 million. BlackRock’s head of crypto, Robbie Mitchnick, recently reaffirmed Ethereum’s dominance in the tokenization arena, calling it the “natural default” for traditional finance players, emphasizing its decentralization, credibility, and security at the Digital Asset Summit in New York.
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