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DigiFT, a digital asset exchange licensed by the Monetary Authority of Singapore, has launched tokenized access to interests in a U.S. Treasury money market fund managed by Fidelity Investments, the company announced on Tuesday. The product is open to institutional and accredited investors who meet DigiFT's eligibility requirements.
The announcement does not name the underlying fund or the blockchain the tokens are issued on. Fidelity has already been building its own on-chain plumbing: in 2025 it filed to create an "OnChain" share class of its Fidelity Treasury Digital Fund, with ownership records mirrored on Ethereum.
The fund holds cash and short-dated U.S. Treasuries. DigiFT points out that those holdings meet the reserve-asset criteria the GENIUS Act sets for U.S. payment stablecoin issuers, a standard that has increasingly shaped how the market judges short-duration collateral. That framing matters because tokenized Treasury funds are now used as collateral on trading venues and as a yield-bearing place to park stablecoin balances.
"Tokenization has the potential to expand access to investment products while enabling new forms of liquidity, collateral utility, and investment innovation through its programmable infrastructure," said Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity Investments.
DigiFT holds Capital Markets Services and Recognised Market Operator licences from MAS. The company says it has completed 42 token issuances spanning cash management, income strategies, equity exposure, alternative assets and crypto allocation, with more than $435 million in total subscriptions settled. The Fidelity listing extends its cash-management line, which already includes a UBS Asset Management tokenized money market fund launched on the platform in November 2024.
The category is crowded. Tokenized U.S. Treasury products have a distributed value of about $14.8 billion, down 6.6% over the past 30 days, according to RWA.xyz. Circle's USYC, Ondo's USDY and BlackRock's BUIDL each hold between $2.2 billion and $2.4 billion, and the average seven-day yield across tracked products is around 3.7%. DigiFT's cumulative subscriptions across all 42 products amount to a fraction of any one of those leaders, so distribution remains the harder problem for the platform.
DigiFT says its next phase will focus on building on-chain use cases for assets already on its platform rather than adding listings for their own sake. "This launch is part of that same effort – building genuine breadth and depth into the range of institutional-grade options available to on-chain capital," said Henry Zhang, Founder and Group CEO.
The release does not say what those use cases will be. Whether the Fidelity product can be posted as collateral on venues outside DigiFT will likely determine how much capital it draws from more established tokenized funds.
