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Fidelity has quietly launched a tokenized share class of its Treasury money market fund on Ethereum, issuing the Fidelity Digital Interest Token (FDIT). The vehicle already tops $200 million in assets, according to BeInCrypto, which reported launch today. The move places Fidelity in direct competition with on-chain Treasury leaders.
The token mirrors one share in the Fidelity Treasury Digital Fund and runs natively on Ethereum. Earlier this year, Fidelity filed documents with the U.S. SEC for an “OnChain” share class and later outlined plans to use Ethereum as the transfer rail. Today’s quiet go-live appears to be the result.
“We see promise in tokenization and its ability to be transformative to the financial services industry,” said Cynthia Lo Bessette, head of Fidelity Digital Asset Management. “Posting a tokenized asset as non-cash collateral to satisfy margin requirements could improve operational infrastructures and enhance capital efficiency.”
Tokenized Treasuries have surged this year as institutions test faster settlement and programmable cash equivalents. BlackRock’s BUIDL set the pace, while market data showed the sector crossing the $5 billion mark in March. Fidelity’s entrance follows months of filings and product trials across Wall Street as firms explore on-chain fund shares with traditional custody and record-keeping.
