Epistles from the Financial Frontlines:
- In a bold move that would make the Soviet apparatchiks blush, Fidelity Investments has decided to embrace the digital revolution, filing to register a blockchain-based facsimile of its U.S. dollar money market fund.
- The almighty filing reveals that this fund dances to the tune of the Ethereum network, with an eye on other blockchains for future capers, all set to materialize on May 30 if the SEC doesn’t throw a spanner in the works.
- With $5.8 trillion in its coffers, Fidelity storms into the tokenized U.S. Treasuries space, a sector blooming like a Chernobyl daisy, growing almost 500% in a year. Who needs GULAG when you have blockchain, eh?
Oh, the times are a-changin’! Fidelity, the grand poobah of U.S. asset management, has scribbled its intentions to join the digital asset circus with a tokenized version of its dollar money market fund.
In a missive to the SEC, our financial friends seek to register an “OnChain” variant of their Fidelity Treasury Digital Fund (FYHXX), using blockchains as the new Soviet milkman—efficient, if a bit cold.
This OnChain malarkey is currently Ethereum’s playground, but who knows where the wind will blow? The product awaits the regulatory thumbs-up, set to go live on May 30. Cross your fingers, comrades!
As the world’s banks and asset managers tokenize everything but the kitchen sink, Fidelity joins the fray, hoping for operational gains and settlements faster than a Soviet-era bread line.
Not to be outdone, Blackrock’s BUIDL and Franklin Templeton’s on-chain product are already leading the charge, with assets gathering like storm clouds over the Motherland.
The tokenized U.S. Treasury market now stands at a hearty $4.77 billion, a growth spurt that would make even the most diligent Soviet planner proud.
And let’s not forget, Fidelity is also a bigwig in the bitcoin and ether ETF game, with its FBTC and FETH funds making waves. Tokens, tokens everywhere, but not a drop to drink!
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2025-03-23 11:10