Fidelity Files to Tokenize U.S. Dollar Money Market Fund on Ethereum

Fidelity Investments, a $5.8 trillion asset manager, has filed with the SEC on March 21, 2025, to tokenize its $80 million Fidelity Treasury Digital Fund (FYHXX) on Ethereum through a new “OnChain” share class. This move follows the trend of real-world asset (RWA) tokenization seen with firms like BlackRock and Franklin Templeton. Pending regulatory approval, the tokenized fund is expected to launch by May 30, 2025, offering transparency via blockchain while maintaining official ownership records traditionally. The underlying U.S. Treasury bills won’t be directly tokenized, and Fidelity may expand OnChain to other blockchains later. Ethereum dominates RWA tokenization with over $3.3 billion in assets. The filing comes amid a surge in crypto ETF applications following SEC Chair Gary Gensler’s resignation on January 20, 2025, reflecting growing industry optimism. Show Less