Fidelitys Tokenized Fund on Ethereum Crosses $250M

Fidelitys tokenized money market fund, all of which is on Ethereum, has surpassed $250 million in on-chain value almost four months after its debut.

The fund, known as Fidelity Digital Interest Token (FDIT), is a tokenized share class of Fidelitys Treasury money market fund, offering on-chain exposure to U.S. Treasury securities and other short-term government-backed instruments.

Fidelitys Treasury money market fund. Source: RWAxyz

As of press time, FDIT reached over $266.2 million in represented asset value, up 15% from 30 days ago, according to data from RWAxyz, which tracks tokenized real-world assets.

Fidelity, which entered the tokenized fund space in early September, joined BlackRock, whose BUIDL money market fund is currently the largest product among tokenized RWAs, with $2.3 billion in assets.

The majority of BUIDL's total value was previously on Ethereum, until last month its share on the leading RWA blockchain dropped sharply by 60%, with value becoming more evenly distributed across the fund's other supported blockchain networks.

The Year of RWAs

The total on-chain value of RWAs is now over $36 billion, more than doubling since the start of this year.

Total on-chain value of RWAs. Source: RWAxyz

The market consists of tokenized U.S. Treasuries, bonds, and private credit. Private credit makes up more than half of the sector's market capitalization, accounting for $18.7 billion. In terms of where these assets are tokenized, Ethereum dominates, holding $11.6 billion in RWAs, or over 63.7% of the sectors total.

Blockchain oracle provider RedStone predicted in a recent report that total on-chain RWA value will reach as high as $60 billion next year.