Fidelity Asset Management introduced a version based on the blockchain of its treasury money market fund, extending its digital financial presence.
The new product, called token of digital interest Fidelity (FDIT), reflects a part of the Fidelity Treasury Digital Fund (Fyoxx) and is published directly on the Ethereum network.
What is Fidelity Digital Interest Token (FDIT)?
According to Rwa.xyz, the fund began to operate in August with a portfolio that consists entirely of American titles and cash. Fidelity applies 0.20% management fees and Bank of New York Mellon is responsible for the guard.
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At the time of the press, its assets have already climbed more than $ 200 million, although participation remains limited. Current files show that the fund has only two holders, one with approximately $ 1 million in chips and another managing the balance.
Fidelity has not yet commented on the fund publicly.
However, the launch of the fund is based on the previous deposit of Fidelity with the Securities and Exchange Commission (SEC), where he asked for the approval to add a class of chain shares to his digital treasury fund.
This step pointed out its commitment to the tokenization of active active world (RWA), a trend growing through traditional finance.
During the last year, global asset managers have experienced with blockchain rails to make markets more effective, reduce settlement times and reduce costs.
This has aroused the interest of traditional financial giants like Blackrock, the largest asset management company in the world, already making significant progress on this market.
During the last year, the BlackRock Institutional Digital Liquidity Fund (BUIDL) of BlackRock has become the largest tokenized cash product, with a value of more than $ 2 billion.
In particular, similar offers from Franklin Templeton and Wisdomtree have helped the wider market for token treasury bills over $ 7 billion, according to Rwa.xyz.
Given the pace of this growth, McKinsey analysts estimated that token titles could reach a market value of 2 dollars before the end of the decade.
