So, Fidelity, the asset management behemoth, has decided to dip its toes into the blockchain pool. 🏊♂️ Because, you know, why not? They’re launching a blockchain-tracked share class for one of their existing funds. Groundbreaking. 🙄
The Fidelity Treasury Digital Fund, which is 99.99% invested in U.S. Treasury bills (because who doesn’t love a good T-bill?), is getting a shiny new “OnChain” share class. Because apparently, the world needed more transparency in Treasury funds. 🧐
According to a new filing with the SEC (because nothing says “exciting” like a regulatory filing), Fidelity plans to launch this new product in May. The idea is to record transactions on a public blockchain, because, you know, Ethereum needs more traffic. 🚦
Here’s the filing, in all its bureaucratic glory:
“The fund’s transfer agent maintains the official record of share ownership of the OnChain class in book-entry form. Ownership of the OnChain class will also be recorded on a public blockchain. Although the secondary recording of the OnChain class on a blockchain will not represent the official record of ownership, the transfer agent will reconcile the secondary blockchain transactions with the official records of the OnChain class on at least a daily basis. The transfer agent’s book-entry records will constitute the official record of the fund and govern the record ownership of fund shares in all circumstances.”
Translation: We’re putting it on the blockchain, but don’t get too excited—it’s not the official record. Cool, right? 😎
The OnChain share class will use the Ethereum network (because, of course, it will), but the filing does mention that they might use other blockchains in the future. Because why stick to one when you can confuse everyone with multiple? 🤷♀️
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2025-03-25 17:42