Fidelity Tokenizes Treasury Fund, Is It About To Launch A Stablecoin?

• Onchain data reveals that Fidelity has tokenized its treasury fund.
• The FDIT holds $203.89 million in total asset value.
• The move revives speculations that Fidelity may be preparing to launch a stablecoin.

As early as the first quarter of 2025, Fidelity Investments has been hinting about its plan to tokenize its treasury fund. It filed for an onchain share class tracking transactions on the Fidelity Treasury Digital Fund with the US Securities and Exchange Commission (SEC) during the period.

Unbeknownst to many, the giant investment manager with $15.1 trillion in assets under administration (AUA) has already launched the Fidelity Digital Interest Token (FDIT) on the Ethereum (ETH) chain as early as last month.

Silent Launch of Fidelity Investments’ Tokenized Security Fund

According to RWA.xyz, an analytics platform focused on the real-world asset (RWA) market, the Fidelity Management & Research Company LLC (FMR) rolled out the FDIT on August 4. It came without much fanfare, so it made big news when several news outlets let the cat out of the bag today.

ADVERTISEMENTFDIT exclusively centers on US treasuries and cash with a 0.20% annual management fee. Fidelity partnered with the Bank of New York Mellon for the custody of the funds.

As of Monday, September 8, 2025, FDIT has already accumulated $203.89 million in total asset value under a $1 net asset value (NAV) or per-share value.

Looking closer at the onchain data, there are only two holders of FDIT. Together with its silent launch, this could indicate that Fidelity launched its tokenized treasury fund within a private offering for specific clients. Hence, it’s not a public-facing product.

ADVERTISEMENT## What It Means for the Blockchain and Crypto Industry

Fidelity’s continuous push into the blockchain or crypto space marks a significant stamp of approval or vote of confidence in their underlying technologies. While the FDIT is not a public-facing product, it still signals a monumental leap, bolstering their legitimacy and underscoring the need for financial institutions to shift their models for enhanced efficiency, security, and innovation.

The event is part of a broader trend in RWA, as institutional players are now gradually adopting blockchain to tokenize their real-world assets, including commodities, corporate bonds, real estate, and more.

Is a Fidelity Stablecoin on the Horizon?

The move ties up with a report from the Financial Times in March that Fidelity is looking to launch its own stablecoin. The article claimed the institution was in the “advanced stages of testing its token.”

While the FDIT is technically a tokenized security and not a stablecoin, it is a crucial building block that puts Fidelity in a strong position to launch a stablecoin.

The FDIT has the fundamental characteristics of a stable asset: it is pegged to a stable value (its $1.00 NAV) and backed by low-risk assets (US Treasuries). These make it functionally similar to a stablecoin and a logical precursor to one. The launch also comes amidst a favorable US regulatory environment, with the Trump administration and Congress showing a commitment to creating a clear framework for stablecoins, starting with the signing of the GENIUS Act.

On the other hand, without reading too much into the details, it’s possible that Fidelity only designed the FDIT as a more efficient way to manage internal or institutional funds. Therefore, a public stablecoin might not be in its immediate plans.

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