Market Data 
- Fidelity’s OnChain Treasury fund to launch May 30, 2025, using Ethereum blockchain.
- Tokenized Treasuries market surged 500%, reaching $4.77B in the past year.
- Fidelity joins BlackRock and Franklin Templeton in expanding tokenized assets.
Fidelity Investments, a major U.S.-based asset manager, filed paperwork with the U.S. Securities and Exchange Commission (SEC) to register a blockchain-based version of its Fidelity Treasury Digital Fund (FYHXX). The enterprise plans to launch its “OnChain” share class through which Ethereum operates to track stock ownership records. Through this act, Fidelity secures its position as a major firm serving the growing market for tokenized U.S. Treasuries with $5.8 trillion in assets under management. The product awaits regulatory approval before its May 30, 2025 launch date.
BREAKING: Fidelity Launching $5.8 Trillion Tokenized Treasury Fund on Ethereum
Fidelity just filed with the SEC to launch the Fidelity Treasury Digital Fund — a tokenized U.S. dollar money market fund built on Ethereum.
Launch Date: May 30
Minimum Investment: $1M
Settlement:… pic.twitter.com/7bAwNMxJv8— Jungle Inc Crypto News (@jungleincxrp) March 23, 2025
The filing highlights the asset manager’s strategy to blend traditional finance with blockchain technology. Unlike the fund’s underlying assets, which consist of cash and U.S. Treasury securities, the tokenization applies only to the share class. The asset manager’s transfer agent maintains official ownership records in book-entry form, while the Ethereum blockchain provides a secondary, transparent ledger. Daily reconciliation ensures accuracy between the two systems, according to the SEC document.
Tokenized Treasuries Market Sees Rapid Growth
The tokenized U.S. Treasuries sector has surged nearly 500% over the past year, reaching a value of $4.77 billion, per rwa.xyz data. The asset manager joins industry leaders like BlackRock and Franklin Templeton in this fast-evolving space. BlackRock’s BUIDL fund, launched in March 2024 with Securitize, holds $1.5 billion in assets, making it the market leader. Franklin Templeton’s pioneering on-chain fund, started in 2021, has amassed $689 million.
The asset manager’s entry reflects a broader trend among global financial institutions. Banks and asset managers increasingly tokenize traditional instruments like bonds and funds to boost efficiency and enable faster settlements. The Ethereum network, hosting $3.3 billion in tokenized Treasuries, dominates this space. The asset manager’s filing also hints at potential expansion to other blockchains, signaling adaptability to future market shifts.
Fidelity’s Blockchain Strategy Expands Beyond Tokenization
Fidelity’s blockchain initiative extends beyond this fund. The firm recently registered a “Fidelity Solana Fund” trust in Delaware, suggesting plans for a Solana-based product. This follows its success in cryptocurrency markets, where the asset manager has $16.5 billion in its spot Bitcoin ETF (FBTC) and $780 million in its Ether ETF (FETH), per SoSoValue data. These efforts underscore Fidelity’s commitment to integrating blockchain into its offerings.
The OnChain share class uses a system that neither directly tokenizes Treasury obligations nor entails cryptocurrency investments. The system aims to improve investor transparency combined with better registrative methods. The current filing enables future peer-to-peer trading on blockchain platforms even though Fidelity does not plan to conduct secondary trades for these shares. The growing competition in tokenized asset investment has strengthened Fidelity against industry leader BlackRock while the firm continues its market-leading position.
