Ah, the world of finance, where dreams are stitched together with the invisible threads of calculation and ambition! Fidelity Investments, that revered titan of the investment realm, has risen to the challenge, filing to weave a tokenized tapestry of its US dollar money market fund upon the ever-perturbed Ethereum — joining the illustrious ranks of BlackRock and Franklin Templeton in this peculiar dance of blockchain. 📈
In the grandiose scrolls of regulation, dated March 21, the well-heeled investment house proclaimed that “OnChain” shall serve as a beacon guiding weary souls through the stormy seas of transactions connected to the Fidelity Treasury Digital Fund (FYHXX) — a humble creation housing a rich bounty of $80 million, much of it nestled snugly in the reassuring embrace of US Treasury bills. 🏦
The curtains of regulatory scrutiny hover above this modern marvel of finance, with a tentative unveiling set for the 30th day of May, as Fidelity tantalizingly revealed.
Presenting the OnChain share class, a promise of transparency shrouded in bureaucratic niceties, investors are assured of verifiable tracking of share transactions of FYHXX. Fear not, for Fidelity, clinging to the good old-fashioned ways, will retain traditional book-entry records — the true ledger of ownership! Oh, what a delightful contradiction! 🔄
“Although 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.”
In an audacious stroke, Fidelity declared that these sacred US Treasury bills would not be directly tokenized. Perhaps they are too precious to sully with the fingerprints of the blockchain? 🤔
With a staggering empire amounting to $5.8 trillion, Fidelity’s ambitions are not mere whimsies; they jest at the possibility of expanding OnChain further into the labyrinth of other blockchains in the future.
As asset managers increasingly traverse the blossoming landscape of blockchain to adorn Treasury bills, bonds, and private credit, the RWA tokenization market for Treasury products now flaunts a hefty valuation of $4.78 billion. The chart-toppers? None other than the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) at $1.46 billion, as revealed by the oracle of stats, rwa.xyz. 📊
Over $3.3 billion worth of RWAs now grace the Ethereum network, while poor Stellar lingers behind at a mere $465.6 million. The wise sage of BlackRock, Robbie Mitchnick, recently voiced that Ethereum is still the “natural default answer” for TradFi firms preparing to unveil their on-chain ambitions. A charming echo that drowns out the hushed whispers of competition. 🗣️
“There was no question that the blockchain we would start our tokenization on would be Ethereum, and that’s not just a BlackRock thing, that’s the natural default answer,” he quipped with the confidence of a seasoned seer peering into the abyss of financial innovation.
“Clients clearly are making choices that they do value the decentralization, they do value the credibility, and the security and that’s a great advantage that Ethereum continues to possess,” he opined at the Digital Asset Summit in New York on the day the calendar beckoned spring, March 20. 🌷
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2025-03-24 03:37