US asset manager Fidelity Investments filed a paperwork to register a blockchain-based, tokenized version of the US dollar money market funding, which aims to join the tokenized asset breed.
According to a Friday File In the US Securities and Exchange Commission (SEC), the company aims to register an “onchain” sharing class Fidelity Treasury Digital Fund (Fyhxx) and use blockchains as a transfer agent. FYHXX was holding cash and US Treasury Securities and launched last year.
The onchain class is currently using the Ethereum (ETH) network, and the firm may expand to other blockchains in the future, the filing said. The registration is subject to regulatory approvement, with the product expected to be effective on May 30.
Files occur as global banks and manager owners especially put traditional financial instruments such as government bonds, credit, and funds on blockchain metals, a process often referred to as often referred to as Tokenization of real-world assets (Rwas). They do this to pursue operations and efficiency and faster, around the settlements.
Honesty, included $ 5.8 trillion In the assets under management, is the latest traditional financial weight that seeks to enter the rapid growing tokenized US treasury space.
Blackrock (BLK), in collaboration with the digital asset firm Securitize, launched A similar tokenized T-Bill fund last March called Buidl and became a market leader with nearly $ 1.5 billion properties, Rwa.xyz data Shut up.
Franklin Templeton’s Fund, which is the first on-chain market market product, has gathered $ 689 million on property since the 2021 debut.
The entire tokenized US Treasury market currently costs $ 4.77 billion, growing nearly 500% last year, per RWA.xyz.
Loyalty is also one of the largest spots Bitcoin and Ether Exchange-Traded Fund (ETF) spots in the US, with $ 16.5 billion FBTC and $ 780 million feth, per Sosovalo data.
