On March 24, 2025 Fidelity Investments made a blockchain-based tokenization application to U.S. Securities and Exchange Commission for its United States dollar money market fund.
Fidelity requests SEC approval to launch new OnChain shares under its Treasury Digital Fund (FYHXX) that invests in Treasury securities and cash assets. The fund tracks Ethereum right now but Fidelity plans to track different blockchains as it moves forward. The system will begin operating on the blockchain platform when the new share class becomes active on May 30.
Financial Giants Embrace Blockchain for Growth
Fidelity joins other financial companies that now add blockchain technology to their traditional banking products to make business operations faster and more efficient. In 2021 Franklin Templeton created the first one-of-a-kind on-chain money market fund called FOBXX.
Major banks, including JPMorgan and BlackRock, started entering the blockchain market in 2021. In 2023 JPMorgan created a tokenized U.S. Treasury bond fund and in March 2024 BlackRock introduced its tokenized U.S. Treasury bill fund, BUIDL, by partnering with Securitize. During the past months BlackRock’s fund received over one billion dollars in investor investment.
The sector generating tokens from U.S. Treasury debt grows quickly. Although topping the latest rwa.xyz statistics shows Real-World DLT assets taking up just 5% of the market value, its second rank corresponds to $4.8 billion in tokenized real-world asset value. It ranks second after private credit funds which control $12.2 billion of funds today.
Fidelity’s SEC filing shows big financial companies are embracing blockchain platforms in their operations as part of digital asset development.
