Fidelity, a financial services giant with $12 trillion in assets under management, has introduced a new tokenized fund on the Ethereum network. The Fidelity Treasury Digital Fund ($FDIT) represents tokenized shares of the firm’s existing Fidelity Treasury Digital Fund (FYOXX).

This launch marks a significant entry by a major traditional finance player into the burgeoning tokenized real-world asset (RWA) space. The fund is backed by U.S. Treasuries, with shares redeemable on a 1:1 basis, and its native issuance on Ethereum underscores the growing institutional adoption of public blockchains for asset tokenization. The tokenized treasury market on Ethereum has now exceeded $200 million in value.

Fidelity’s move places it in direct competition with other established financial institutions, notably BlackRock, which has also launched a tokenized treasury fund. This development signals a broader industry trend of integrating traditional financial assets with blockchain technology to enhance efficiency, accessibility, and liquidity.