Fidelity Seeks SEC Approval for Ethereum-Based Money Market Fund
- Fidelity Investments filed with the SEC to tokenize its USD money market fund.
- The proposed Fidelity Treasury Digital Fund will use Ethereum for blockchain technology.
- 99.5% of the fund’s assets will be invested in US Treasury securities and cash.
- Investors must have a blockchain wallet to hold OnChain class shares.
- No current agreement exists for secondary market trading of OnChain shares, but future possibilities are hinted at.
- Ethereum’s price rose by nearly 2%, trading above $2,000 following the report.
Fidelity Investments aims to close the gap with BlackRock by filing with the SEC to tokenize its USD money market fund using Ethereum blockchain technology, focusing on US Treasury securities and cash investments.
Source (2.6)https://coingape.com/fidelity-files-for-tokenized-us-dollar-money-market-fund-on-ethereum/?rand=24432
