Fidelity to enter tokenized MMF market…Applies for share class “OnChain”

On the 23rd (local time), US asset management company Fidelity Investments announced that it would sell its US dollar-denominated money market fund (MMF).
The company has filed a registration application with the U.S. Securities and Exchange Commission (SEC) for a tokenized version of its “Fidelity Treasury Digital Fund (FYHXX).”
The deal sees Fidelity join forces with BlackRock and Franklin Templeton.
Templeton and others to join the blockchain tokenization market.
According to an SEC document filed on March 21, the company is offering a share class called "OnChain" as part of its MMF, Fidelity
The company aims to register with the Treasury Digital Fund (FYHXX) and use blockchain as a transfer agent.
Currently pending regulatory approval, Fidelity expects the fund to launch on May 30th.
The OnChain class will provide investors with transparency and verifiable tracking of FYHXX share transactions, but the official ownership ledger will remain a traditional electronic book-entry system.
Fidelity said in a statement that the OnChain Class blockchain records are not official ownership records and that the transfer agent will retain the blockchain transaction history for at least
The official records will be verified once a day. Fidelity added that it will not be directly tokenizing U.S. Treasury securities as part of this project.