Fidelity Files to Launch Tokenized Money Market Fund

Fidelity Investments was introduced to the Securities and Exchange Committee (SEC) earlier this month to register a shares category on the basis of ETHEREUM, on the Foundelity Treasury Digital Fund (FYHXX). The Money Market Fund, which arrived in the market late last year, invests primarily in Cash and Us Treasury Securities.

According to the introduction of the new stock category, “The Fund’s transfer agent maintains the official record of the ONSAIN category ownership in the Books Enter Model. ONSAIN category ownership will also be registered on a group of General Blockchain.”

The file also says that although the stock category on the chain is currently using the ETHEREUM network, the box may use other general Blockchain networks. It is expected to enter into force on May 30, taking into account the organizational approval.

“Fidelity investments have long been innovative and adopted for new technologies that improve customer experiences and results,” Cennia Le Pesit, president of Fidelity Digital Asset Management, told ETF.com in an email statement. “It is in line with this heritage, we see the promise in the distinctive symbol and its ability, provided that the shift to the financial services industry is by leading the efficiency of transactions while reaching the capital and allocating it across the markets.”

Fidelity joins other boxes in the race to distinguish the American treasury. Blackrock launched an investment car in March 2024 – Blackrock Usd (Buidl) – which distinguishes US Treasury bills on Ethereum. Meanwhile, FOBXX offers Fobxx.

“When you look at the cases of use, spreading symbolic assets as a non -deficiency to meet the requirements of the margin can improve the operational infrastructure and enhance capital efficiency,” said Le Pesit.

Last year, MCKINSEY & Co. A report estimates that the total market value of the distinctive market can reach about $ 2 trillion by 2030.

“Fidelity was evident about her belief in Blockchain technology and seeks to be a leader in space,” Matt APKARIAN, Assistant Director for Cerulli Associats, told Etf.com.

“The money managed by saving notebooks along with the Traditional Transport Agency is evidence of the concept and the test can pave the way for the greatest dependence of the future for Blockchain technology,” said Abkareian.

He added that it is necessary for the future of the distinctive symbol to have a strong infrastructure: “While this is not exactly Stablecoin, it serves a similar purpose in a money -like tool that can be reconciled to Blockchain and a step in the right direction to obtain traditional financing and non -central financial systems that work together.”