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Fidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum — joining the likes of BlackRock and Franklin Templeton in the blockchain tokenization space.
Fidelity’s March 21 filing with the US securities regulator <a data-ct-non-breakable="null" href="https://www.sec.gov/Archives/edgar/data/917286/000113322825002995/ftdf-efp15119_485apos.htm#useof" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> “OnChain” would help track transactions of the Fidelity Treasury Digital Fund (FYHXX) — an $80 million fund <a data-ct-non-breakable="null" href="https://institutional.fidelity.com/app/funds-and-products/8398/fidelity-treasury-digital-fund-fyhxx.html" rel="noopener noreferrer nofollow" target="null" text="null" title="null">consisting</a> almost entirely of US Treasury bills.
While OnChain is pending regulatory approval, it is expected to take effect on May 30, Fidelity said. 
<figure><img src="https://s3.cointelegraph.com/uploads/2025-03/0195c563-2f87-7203-aae2-3ea3b691561a" title="" alt="Fidelity files for Ethereum-based US Treasury fund ‘OnChain’">
 <figcaption style="text-align: center;">
 Fidelity’s filing to register a tokenized version of the Fidelity Treasury Digital Fund. Source: <a data-ct-non-breakable="null" href="https://www.sec.gov/Archives/edgar/data/917286/000113322825002995/ftdf-efp15119_485apos.htm#useof" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Securities and Exchange Commission</a>
 </figcaption>
</figure>
The OnChain share class aims to provide investors transparency and verifiable tracking of share transactions of FYHXX, although Fidelity will maintain traditional book-entry records as the official ownership ledger.
<blockquote>
 “Although the secondary recording of the OnChain class on a blockchain will not represent the official record of ownership, the transfer agent will reconcile the secondary blockchain transactions with the official records of the OnChain class on at least a daily basis.”
</blockquote>
Fidelity said the US Treasury bills wouldn’t be directly tokenized.
The $5.8 trillion asset manager said it may also expand OnChain to other blockchains in the future.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ethereum-65-cycle-bottom-black-rock-eth-1b" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Ethereum eyes 65% gains from 'cycle bottom' as BlackRock ETH stash crosses $1B</a>
Asset managers have increasingly turned to blockchain to tokenize <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/5-ways-real-world-asset-tokenization-is-transforming-tradfi" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Treasury bills, bonds and private credit</a> over the past few years.
The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/rwa-tokenization-trends-and-market-outlook-for-2025-report" rel="noopener noreferrer nofollow" target="null" text="null" title="null">RWA tokenization market</a> for Treasury products is currently valued at $4.78 billion, led by the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-buidl-goes-multichain" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BlackRock USD Institutional Digital Liquidity Fund</a> (BUIDL) at $1.46 billion, <a data-ct-non-breakable="null" href="https://app.rwa.xyz/treasuries" rel="noopener noreferrer nofollow" target="null" text="null" title="null">according</a> to rwa.xyz.
<figure><img src="https://s3.cointelegraph.com/uploads/2025-03/0195c563-3624-7899-b6ed-837c4d29029c" title="" alt="Fidelity files for Ethereum-based US Treasury fund ‘OnChain’">
 <figcaption style="text-align: center;">
 Market caps of blockchain-based Treasury products. Source: <a data-ct-non-breakable="null" href="https://app.rwa.xyz/treasuries" rel="noopener noreferrer nofollow" target="null" text="null" title="null">rwa.xyz</a>
 </figcaption>
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Over $3.3 billion worth of RWAs are <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/successful-eth-etf-less-perfect-without-staking-blackrock" rel="noopener noreferrer nofollow" target="null" text="null" title="null">tokenized on the Ethereum network,</a> followed by <a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/stellar-xlm-explained-what-it-is-and-how-it-works" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Stellar at $465.6 million.</a>
BlackRock’s head of crypto, Robbie Mitchnick, recently <a data-ct-non-breakable="null" href="https://www.youtube.com/watch?v=ZElYvaq0JTQ" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> Ethereum is still the “natural default answer” for TradFi firms looking to tokenize RWAs onchain.
“There was no question that the blockchain we would start our tokenization on would be Ethereum, and that’s not just a BlackRock thing, that’s the natural default answer.”
“Clients clearly are making choices that they do value the decentralization, they do value the credibility, and the security and that’s a great advantage that Ethereum continues to have,” he said at the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/trump-digital-asset-summit-march-20" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Digital Asset Summit</a> in New York on March 20.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/ethereum-is-poised-to-catch-up-with-bitcoin-and-solana-in-2025/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?</a>

Fidelity files for Ethereum-based US Treasury fund ‘OnChain’

Cointelegraph

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