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The Defiant 2025-03-25 19:35:01

Fidelity Files for Tokenized Treasury Fund on Ethereum for May 30 Launch, and Solana ETF with $5.9T and $800B AUM

Fidelity Files for Tokenized Treasury Fund on Ethereum for May 30 Launch, and Solana ETF with $5.9T and $800B AUM

Fidelity Investments, managing $5.9 trillion in assets, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a tokenized U.S. dollar money market fund on the Ethereum blockchain. The fund, named Fidelity Treasury Digital Fund (FYHXX), is set for a May 30 launch and will primarily invest in U.S. Treasury securities and cash. Cynthia Lo Bessette, Fidelity's Head of Digital Asset Management, highlighted the potential of tokenization to drive transactional efficiencies and improve customer experiences, such as using tokenized assets as non-cash collateral. The 'OnChain' share class of the fund will record share transactions on the Ethereum network, while maintaining traditional book-entry records as the official ownership ledger. Investors will need to hold their shares in a blockchain wallet, with potential future allowances for peer-to-peer trading of shares on the blockchain. The use of blockchain technology is expected to enable 24-7 trading and instant settlement, with smart contracts automating dividends and compliance functions. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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