The tokenized U.S. Treasury market has surged to $4.77 billion, marking a nearly 500% increase over the past year. Fidelity Investments, managing $5.8 trillion in assets, has filed to register an “OnChain” share class of its Fidelity Treasury Digital Fund (FYHXX). This blockchain-based version of its U.S. dollar money market fund currently operates on the Ethereum network, with potential expansion to other blockchains. The fund, which holds cash and U.S. Treasury securities, is set to become effective on May 30, pending regulatory approval. Fidelity joins other major players like Blackrock, whose BUIDL fund has amassed nearly $1.5 billion, and Franklin Templeton, with $689 million in assets since its 2021 launch. This move reflects a broader trend of traditional financial instruments being tokenized for operational efficiency and faster settlements.
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