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) on 21 March 2025, Fidelity outlined 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.
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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 go into effect by 30 May 2025. The initiative aims to provide investors with increased transparency and verifiable tracking of transactions via blockchain.
However, the firm 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?1. Security: secured by $120b
2. Reputation: 10 years without any downtime or security breach
3. Liquidity: Most stables
4. Institution friendly: Hub of Tokenization, DeFi activities, with… https://t.co/rl9yGA0V4c
— fabda.eth (@fabdarice) March 23, 2025
“The secondary recording of the OnChain class on a blockchain will not represent the official record of ownership,” Fidelity noted. “The transfer agent will reconcile blockchain transactions with the official records on a daily basis.”
Importantly, Fidelity said that the underlying Treasury bills themselves would not be directly tokenized.
The filing also hints at broader ambitions, suggesting that OnChain could be extended to other blockchains in the future. This 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.xyz.
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 space, calling it the “natural default” for traditional finance players.
Speaking at the Digital Asset Summit in New York, Mitchnick emphasized that Ethereum’s decentralization, credibility, and security continue to make it the preferred choice for tokenizing RWAs.
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Crypto ETF filings have surged following the resignation of SEC Chair Gary Gensler on Jan. 20, signaling renewed optimism among asset managers.
Gensler, known for his cautious stance on crypto regulations, stepped down amid increasing pressure for greater regulatory clarity in the digital asset space.
His departure has triggered a wave of new crypto ETF filings, including Osprey Funds and REX Shares, which filed for meme coin ETFs covering Dogecoin (DOGE), Official Trump (TRUMP), and Bonk (BONK) on Jan. 21.
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Key Takeaways
- Fidelity has filed to tokenize its $80 million U.S. money market fund on Ethereum via a new “OnChain” share class.
- The tokenized fund is pending SEC approval and is expected to launch by May 30.
- Ethereum remains the top choice for asset tokenization, with over $3.3 billion in tokenized assets.
The post Fidelity Files to Tokenize U.S. Dollar Money Market Fund on Ethereum appeared first on 99Bitcoins.
