Fidelity Files for $5.8T Treasury Digital Fund on Ethereum, Set for May 30 Launch

Fidelity Investments, managing $5.8 trillion in assets, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a blockchain-based tokenized U.S. dollar money market fund. The fund, named Fidelity Treasury Digital Fund, will initially be built on the Ethereum blockchain, with plans to potentially expand to other blockchains.

The product is set to go live on May 30, pending regulatory approval. This move positions Fidelity as a competitor to BlackRock's BUIDL fund, which has seen significant growth in the tokenized real-world asset market.

The tokenized U.S. Treasury market has grown to $4.77 billion, a sharp increase from $716 million in March 2024, highlighting the rapid expansion of this sector. Fidelity's fund will track ownership on Ethereum but will not provide direct exposure to cryptocurrencies. It requires a $1 million minimum investment and offers same-day wire settlement.

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