{"id":125658,"date":"2025-03-24T00:17:54","date_gmt":"2025-03-24T00:17:54","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125658"},"modified":"2025-03-24T00:17:54","modified_gmt":"2025-03-24T00:17:54","slug":"fidelity-files-for-ethereum-based-us-treasury-fund-onchain","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125658","title":{"rendered":"Fidelity files for Ethereum-based US Treasury fund \u2018OnChain\u2019"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsFidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum \u2014 joining the likes of BlackRock and Franklin Templeton in the blockchain tokenization space.<br \/>\nFidelity\u2019s March 21 filing with the US securities regulator said \u201cOnChain\u201d would help track transactions of the Fidelity Treasury Digital Fund (FYHXX) \u2014 an $80 million fund consisting almost entirely of US Treasury bills.<br \/>\nWhile OnChain is pending regulatory approval, it is expected to take effect on May 30, Fidelity said.<br \/>\nFidelity\u2019s filing to register a tokenized version of the Fidelity Treasury Digital Fund. Source: Securities and Exchange CommissionThe 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.<br \/>\n\u201cAlthough 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.\u201d<br \/>\nFidelity said the US Treasury bills wouldn\u2019t be directly tokenized.<br \/>\nThe $5.8 trillion asset manager said it may also expand OnChain to other blockchains in the future.<br \/>\nRelated: Ethereum eyes 65% gains from &#8216;cycle bottom&#8217; as BlackRock ETH stash crosses $1B<br \/>\nAsset managers have increasingly turned to blockchain to tokenize Treasury bills, bonds and private credit over the past few years.<br \/>\nThe RWA tokenization market for Treasury products is currently valued at $4.78 billion, led by the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) at $1.46 billion, according to rwa.xyz.<br \/>\nMarket caps of blockchain-based Treasury products. Source: rwa.xyzOver $3.3 billion worth of RWAs are tokenized on the Ethereum network, followed by Stellar at $465.6 million.<br \/>\nBlackRock\u2019s head of crypto, Robbie Mitchnick, recently said Ethereum is still the \u201cnatural default answer\u201d for TradFi firms looking to tokenize RWAs onchain.<br \/>\n\u201cThere was no question that the blockchain we would start our tokenization on would be Ethereum, and that\u2019s not just a BlackRock thing, that\u2019s the natural default answer.\u201d<br \/>\n\u201cClients clearly are making choices that they do value the decentralization, they do value the credibility, and the security and that\u2019s a great advantage that Ethereum continues to have,\u201d he said at the Digital Asset Summit in New York on March 20.<br \/>\nMagazine: Comeback 2025: Is Ethereum poised to catch up with Bitcoin and Solana?<a href=\"https:\/\/cointelegraph.com\/news\/fidelity-files-ethereum-based-us-treasury-fund-called-onchain?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsFidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum \u2014 joining the likes of BlackRock and Franklin Templeton in&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125658"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125658"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125658\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125658"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}