One of the largest crypto ETF issuers, Fidelity, has submitted documents to the SEC to register a tokenized version of its U.S. money market fund, Fidelity Treasury Digital Fund (FYHXX).

Launched last year, the fund holds U.S. dollars and Treasury securities. The on-chain version uses the Ethereum blockchain to store ownership information but may integrate other public networks in the future. Fidelity also employs a traditional transfer agent to maintain official records.

The company proposes recognizing the product as valid starting May 30, but the regulator has yet to approve the application.

According to CoinGecko, the RWA sector has been one of the most successful narratives in the crypto industry in 2024, with an average return of 820%—ranking third after AI (2940%) and meme coins (2185%).

Earlier in March, the Zoth RWA restaking protocol suffered an $8.4 million hack.