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While BlackRock holds a clear lead over the tokenized money market fund, Fidelity Investments is keen on closing the gap. Fidelity’s latest play is a filing to the US Securities and Exchange Commission (SEC) to tokenize its USD money market fund.
Fidelity Files Paperwork With The SEC For Ethereum-Based Fund Tokenization
According to a filing to the SEC, Fidelity is seeking the registration of a tokenized version of its money market fund. Dubbed the Fidelity Treasury Digital Fund, the firm is eyeing the registration of an Onchain share class for the fund.
Per the filing, the transfer agent will be blockchain technology with the fund name-checking the Ethereum network. Despite leaning on Ethereum, Fidelity’s filing suggests a future expansion to other blockchains in the future.
The filing reveals that the tokenized fund will not invest in any cryptocurrencies but 99.5% will go to US Treasury securities and cash. At the moment, 80% of the fund’s assets are in US Treasury securities with interest payable upon maturity.
The latest filing follows an application to introduce staking in Fidelity’s Ethereum ETF. In Q4 of 2024, Fidelity waded into blockchain-based funds via a filing with the SEC to catch up to BlackRock.
How Will A Blockchain-based Fund Operate?
Details from the SEC filing revealed that the Ethereum blockchain will be used for secondary recording, augmenting the book-entry form. However, investors in the Fund will be required to have a top blockchain wallet to hold the OnChain class shares.
While the filing does not expressly mention a secondary trading market for OnChain class shares, Fidelity hints at the potential peer-to-peer trading of shares on the blockchain.
“The fund has no current agreement to make OnChain class shares available for trading in a secondary market but may enter such an agreement in the future,” read the filing.
Ethereum Price Gains In The Wake Of The Report
The report of Fidelity with its nearly $6 trillion assets under management tapping Ethereum for tokenization has created a stir in the ecosystem. Ethereum’s price climbed by nearly 2% to trade at just above the $2,000 mark.
ETH has its eyes on a key resistance level that could push Ethereum’s price to $1,700 in the coming days. A slew of negative reports have hit Ethereum in recent days with Standard Chartered slashing its ETH prediction for 2025 by 60%
With several impressive milestones, the TRON network continues to assert its dominance in the stablecoin payment sector. Recently, the amount of USDT (Tether) circulating on TRON reached a new all-time high.
Meanwhile, the number of long-term holders on TRON has exceeded 2.66 million addresses. This reflects retail investors’ strong confidence and long-term commitment to this layer-1 blockchain.
Can USDT Supply on TRON Surpass Ethereum?
Data from CryptoQuant shows that the USDT supply of TRON has grown steadily over recent years. Currently, the market cap of USDT on TRON has hit a record high, with over $71 billion USDT in circulation.
Meanwhile, Ethereum hosts $74.5 billion USDT in circulation. TRON is narrowing the gap with ETH in terms of traders’ USDT usage.
USDT Total Supply on TRON and Ethereum. Source: CryptoQuant
“This milestone cements TRON’s position as one of the major blockchains in the DeFi space, and it may even surpass the adoption of some major chain competitors in the future,” Analyst Darkfost commented.
For context, the total stablecoin market capitalization is $242 billion, and Tether (USDT) alone accounts for $149 billion. That means TRON facilitates smooth transactions for 29% of the stablecoin market cap and 47% of USDT’s market cap.
Additionally, data from Artemis shows that TRON accounts for 28% of all active stablecoin wallet addresses, more than any other blockchain tracked. This makes TRON the top chain in terms of fee revenue.
Stablecoin Active Address by Chain. Source: Artemis
A recent report from BeInCrypto reveals that experts predict stablecoins will attract strong VC interest in the future. The number of issuers could grow tenfold. New issuers may choose TRON, which would benefit a blockchain capable of handling $150 billion in weekly stablecoin transaction volume.
Tron (TRX) Backed by Loyal Long-Term Holders
CryptoQuant also reports that 2.66 million TRX addresses have held their tokens for over one year without spending them. These wallets maintain balances of at least 10 TRX. While 10 TRX is worth only a few dollars, many retail investors choose to hold TRON long-term, even with small amounts of capital.
Analyst Crazzyblockk believes this metric indicates strong user loyalty and sustained engagement, which can support TRX’s price in the long run.
Tron Long-term Holders (> 1 Year Holders). Source: CryptoQuant.
“Increased long-term holding is often linked to higher confidence in the underlying network and potential for liquidity resilience,” Crazzyblockk said.
However, some investors argue that TRON’s vitality relies too heavily on USDT transactions. Data from Dune shows over 3 million TRON wallets are active daily, but most only transact USDT. Therefore, any strategic changes in the TRON–Tether relationship could significantly impact the network and the price of TRX.
This dependency highlights TRON’s weak utility outside the USDT space. For example, TRON lags far behind Solana in meme coin deployment and is significantly behind other chains in decentralized exchange (DEX) trading volume. Moreover, TRON appears nearly absent from the real-world asset (RWA) market share.
Tron (TRX) Price Performance Chart. Source: BeInCrypto.
At the time of writing, TRX is trading around $0.25, showing little movement after falling from a high of $0.45 late last year.
World Liberty Financial (WLF), a decentralized finance (DeFi) project backed by the Trump family, has successfully sold 99.3% of its recently issued 5 billion WLFI tokens.
The tokens went on sale on January 20, following a surge in demand after the initial public sale.
WLFI Token Achieves Major Milestone
According to the data on the project’s official website, World Liberty Financial has now sold a total of 24.97 billion WLFI tokens out of a 25 billion token supply allocated for public sale.
For context, the total supply of WLFI tokens is 100 billion, with an initial allocation of 20 billion tokens designated for the first public sale. This sale commenced on October 15, 2024, with the token priced at $0.015. Furthermore, the project restricted access to individuals who qualified through a whitelist.
By January 20, World Liberty Financial had completed its initial token sale, selling 20% of its total token supply. However, seeing the surge in demand, the project released an additional 5% of its token supply at a price of $0.05 per token.
“An additional 5% of our token supply is now available to purchase on our website. We appreciate the overwhelming support and look forward to welcoming so many new people to our community!” the project posted on X.
At the time of writing, only 34.6 million tokens of the 5 billion public sale allocation remain available.
The WLFI token’s primary purpose is governance within the World Liberty Financial Protocol. It allows token holders to propose, discuss, and vote on key protocol decisions. This gives token owners an equal voice in shaping the platform’s development, ensuring fair and democratic changes to its ecosystem.
As an added measure, the tokens will remain non-transferable for the first 12 months post-launch. Moreover, any community-approved changes to this restriction will not take effect until the one-year period concludes.
The milestone comes shortly after World Liberty Financial announced a partnership with Sui (SUI). The aim of this collaboration is to explore opportunities in DeFi. It will also integrate Sui’s technology into WLFI’s token reserve, “Macro Strategy,” supporting leading DeFi projects.
