Source: Securities and Exchange CommissionThe OnChain share class aims to provide investors transparency and verifiable tracking of share transactions of FYHXX, although Fidelity will maintain traditional book-entry records as the official ownership ledger.“Although the secondary recording of the OnChain class on a blockchain will not represent the official record of ownership, the transfer agent will reconcile the secondary blockchain transactions with the official records of the OnChain class on at least a daily basis.”Fidelity said the US Treasury bills wouldn’t be directly tokenized.The $5.8 trillion asset manager said it may also expand OnChain to other blockchains in the future.
BlackRock’s head of crypto, Robbie Mitchnick, recently said Ethereum is still the “natural default answer” for TradFi firms looking to tokenize RWAs onchain.“There was no question that the blockchain we would start our tokenization on would be Ethereum, and that’s not just a BlackRock thing, that’s the natural default answer.”“Clients clearly are making choices that they do value the decentralization, they do value the credibility, and the security and that’s a great advantage that Ethereum continues to have,” he said at the Digital Asset Summit in New York on March 20.
Fidelity Investments has filed to register a tokenized version of its US dollar money market fund on Ethereum — joining the likes of BlackRock and Franklin Templeton in the blockchain tokenization space.
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Author / Journalist: Cointelegraph by Brayden Lindrea
The story "Fidelity files for Ethereum-based US Treasury fund ‘OnChain’" has 425 words across 15 sentences, which will take approximately 2 - 4 minutes for the average person to read.
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