US-based Asset Manager Fidelity Investments has submitted paperwork to register a blockchain-based, tokenized version of its US dollar-money market fund with the aim of participating in the tokenized asset race.

According to a Friday filing for the US Securities and Exchange Commission (SEC), the company tries to register an “onchain” share in its FIDELITY TREASURY Digital Fund (FYHXX) and use Blockchains as a transfer agent. Fyhxx has Cash and US Treasury Securities and was launched late last year.

The Foundation’s onchain class is currently using Ethereum (ETH) network and the company can expand to other blockchains in the future, the archiving says. The registration is subject to regulatory approval, where the product is expected to enter into force on May 30.

The filing happened as global banks and asset managers increasingly set traditional financial instruments such as government bonds, credit and funds on blockchain rails, a process often called tokenization of assets in the real world (RWAs). They do it to pursue operational and efficiency gains and faster, around the clock.

Fidelity, with $ 5.8 trillion in assets under management, is the latest traditional economic heavy weight seeking to enter the rapidly growing tokenized US Treasury.

Blackrock (BLK) launched in partnership with the digital asset company Securitize a similar tekenized T-Bill Fund in March last year called Buidl and has become the market leader with almost $ 1.5 billion assets, RWA.xyz data shows.

Franklin Templeton’s fund, which was the first on-chain-money market product, raised $ 689 million in assets since its debut in 2021.

The entire tokenized US Treasury is currently worth $ 4.77 billion, growing nearly 500% in the past year, per year. Rwa.xyz.

Fidelity is also one of the largest issuers of Spot Bitcoin and Ether Exchange-Traded Funds (ETF) in the US with its $ 16.5 billion FBTC and $ 780 million FETH, per year. Sosovalue data.