Key Takeaways
• Fidelity has filed with the SEC to launch a blockchain-based “OnChain” share class of its Treasury fund (FYHXX), built on Ethereum.
• The move pits Fidelity against BlackRock and Franklin Templeton in the rapidly growing tokenized U.S. Treasuries market, which has ballooned to nearly $5 billion.
Yello Paradisers! Fidelity, a $5.8 trillion asset management giant, just made it clear—it’s not going to be left behind in the race to tokenize real-world assets.
According to a new SEC filing, Fidelity is preparing to launch an Ethereum-based share class of its Treasury money market fund, signaling its most serious move yet into blockchain integration.
The “OnChain” share class will hold cash and U.S. Treasuries and, once live (expected by May 30), will enable 24/7 settlement, increased transparency, and enhanced liquidity—something traditional finance still can’t match.
This is more than a technical upgrade. It’s a philosophical pivot, as Fidelity joins a handful of legacy financial institutions recognizing that blockchains can do custody, transfer, and settlement better, faster, and cheaper than legacy rails.
Tokenized Treasuries: The New Arms Race
Fidelity’s entry drops it right into the middle of a growing battle with BlackRock and Franklin Templeton, who have already carved out early dominance. BlackRock’s BUIDL tokenized T-bill fund sits at $1.5 billion in assets, while Franklin manages $689 million in tokenized funds and was the first major player in this niche.
The total market cap for tokenized U.S. Treasuries now sits at $4.77 billion, up nearly 500% year-over-year, according to rwa.xyz. Fidelity’s move could very well ignite the next leg of adoption as Wall Street giants realize the cost and speed benefits of real-world assets on-chain.
Let’s not forget—Fidelity already manages over $16.5 billion in its spot Bitcoin ETF (FBTC) and $780 million in its Ethereum ETF (FETH), making it one of the most crypto-forward institutions in traditional finance.
MCP’s Take, What Pro Traders Should Watch Next
Fidelity’s Ethereum-based fund is more than a symbolic gesture—it’s a structural shift toward institutional blockchain integration.
Smart traders are watching for:
Will more traditional funds tokenize on Ethereum or explore other chains for scalability?
Could tokenized assets become a core portfolio tool for institutional and retail investors alike?
How will this boost demand for Ethereum, stablecoins, and DeFi protocols offering yield on-chain?
At MCP News Private, we go beyond headlines to show how innovations like these impact pro trading, long-term positioning, and market cycles. Inside ParadiseFamilyVIP, we provide high-level crypto signals, portfolio strategies, and secure management techniques tailored to a world where TradFi and DeFi are merging fast.
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Fidelity going full Ethereum is no small move—this is the financial elite adapting to blockchain before the rest of the world catches up. Are you ready to trade on that edge?
