Fidelity Investments has applied to register a tokenized version of its US dollar money market fund on Ethereum.
Fidelity's March 21 filing with the US securities regulator indicates that "OnChain" will facilitate the tracking of transactions in the Fidelity Treasury Digital Fund (FYHXX), an $80 million fund invested primarily in US Treasury bills.
Fidelity expects OnChain to go live on May 30.
The OnChain share class is designed to provide investors with transparency and verifiable tracking of transactions in FYHXX shares, although Fidelity will continue to maintain traditional book-entry records as the official ownership ledger.