The United States asset manager, Fidelity Investments, has submitted documents to register a tokenized block -based version of its Monda Mercado Fund in US dollars, with the aim of joining the career of tokenized assets.
According to a Friday presentation before the United States Stock Exchange and Securities Commission (SEC), the company seeks to register a class of “Ochain” shares of its Fidelity Treasury Digital Fund (FYHXX) and use blockchains as a transfer agent. Fyhxx has cash and Treasury values of the United States and was launched at the end of last year.
The Ochain class of the Fund currently uses the Ethereum Network (ETH), and the company can expand to other block chains in the future, according to the presentation. The registration is subject to regulatory approval, and the product is expected to enter into force on May 30.
The presentation occurred when global asset banks and administrators put more and more traditional financial instruments, such as government bonds, credit and funds in blockchain rails, a process often known as real world assets tokenization (RWAS). They do it to obtain operational and efficiency gains and faster settlements and 24 hours.
Fidelity, with $ 5.8 billion in assets under administration, is the last traditional financial heavyweight that seeks to enter the US Treasury space. Uu. Rapidly growing.
Blackrock (BLK), in association with the securitize digital asset firm, launched a similar T-Bill T-Bill Similar T-Bill last March called Buidl and has become the market leader with almost $ 1.5 billion of assets, as shown in Rwa.xyz data.
Franklin Templeton’s fund, which was the first product of the chain money market, brought together $ 689 million in assets since its debut in 2021.
The entire US Treasury market. Tokenized currently is worth $ 4.77 billion, growing almost 500% during the past year, according to Rwa.xyz.
Fidelity is also one of the largest issuing funds quoted in Bitcoin and Ether Colled (ETF) in the USA. UU., With its $ 16.5 billion FBTC and $ 780 million Feth, for Sosovvalue data.
