Fidelity Investments, head of American assets, has filed documents to record a tokénized version based on the blockchain of its monetary market in US dollars, aimed at reaching the asset race in token.
According to a Friday file at the US Securities and Exchange Commission (SEC), the company is looking to record a class of “onchain” shares of its Fidelity Treasury Digital Fund (FYHXX) and to use blockchains as a transfer agent. FYHXX has cash and American cash titles and was launched at the end of last year.
The ONCHAIN class of the fund is currently using the Ethereum (ETH) network, and the company can extend to other blockchains in the future, the file said. Registration is subject to regulatory approval, the product should come into force on May 30.
The file has occurred while world banks and asset managers are increasingly put traditional financial instruments such as state bonds, credit and blockchain rails, a process often called tokenization of active world (RWAS). They do it to pursue operational and efficiency gains and faster establishments.
Fidelity, with 5.8 billions of dollars of assets under management, is the last traditional financial weight to enter the rapidly growing US treasure space.
Blackrock (BLK), in partnership with the digital asset company Securitize, launched a tokenized tokenized fund compared to Buidl and has become the market leader with nearly $ 1.5 billion in assets, according to Rwa.xyz data.
Franklin Templeton’s fund, which was the first monetary chain market product, has collected $ 689 million in assets since its inception in 2021.
The entire US Treasury market tokenized is currently worth $ 4.77 billion, increasing by almost 500% in the past year, according to Rwa.xyz.
Fidelity is also one of the largest SPOT Bitcoin and Ether Exchangers (ETF) funds in the United States, with its $ 16.5 billion FBTC and $ 780 million Feth, according to Sosovalue data.
