Fidelity Files for Tokenized Fund Launch

Fidelity, one of the largest issuers of crypto ETFs, has submitted documents to the SEC for the registration of a tokenized version of its U.S. money market fund, the Fidelity Treasury Digital Fund (FYHXX).

Launched last year, the fund holds dollars and U.S. Treasury securities. The on-chain version uses the Ethereum blockchain to store information about share ownership, though it may incorporate other public networks in the future. Fidelity also employs a traditional transfer agent to maintain official records.

The authors propose that the product be deemed effective from May 30, but the regulator has yet to approve the application.

According to CoinGecko, the RWA sector emerged as one of the most successful narratives in the crypto industry in 2024, with an average profitability of 820%—ranking third after AI (2940%) and meme coins (2185%).

Back in March, the RWA restaking protocol Zoth was hacked for $8.4 million.