Fidelity Joins Asset Tokenization Trend by Registering Blockchain-Based Money Market Fund with SEC

According to CoinDesk on March 23 (local time), U.S. asset management giant Fidelity has filed with the U.S.

Securities and Exchange Commission (SEC) to convert its "Fidelity Treasury Digital Fund (FYHXX)" into an on-chain structure, joining the accelerating trend of asset tokenization.

Fidelity has also left open the possibility of expanding to other blockchains in the future. The transition, pending regulatory approval, is slated to take effect on May 30.

The global financial industry has been ramping up competition in asset tokenization over recent years.

BlackRock, for instance, launched its "BUIDL" fund in March of last year in partnership with digital asset platform Securitize, growing it to a $1.5 billion scale. Franklin Templeton introduced its own on-chain money market fund back in 2021.

Fidelity, which currently manages $5.8 trillion in assets, is expanding its influence in the digital asset space, notably through its operation of the Bitcoin and Ethereum spot ETFs—FBTC ($16.5 billion) and FETH ($780 million)