On March 23, according to CoinDesk's report, a document submitted to the SEC this Friday disclosed that Fidelity is applying to register the "OnChain" share class for its tokenized dollar money market fund Fidelity Treasury Digital Fund (FYHXX), aiming to join the tokenized asset race. The fund was launched at the end of last year, holding cash and U.S. Treasury securities.

According to related document information, the "OnChain" class of the FYHXX fund currently uses the Ethereum network and may expand to other blockchains in the future. This registration is subject to regulatory approval and is expected to take effect on May 30.

Fidelity manages assets worth $5.8 trillion and is the latest traditional financial giant seeking to enter the rapidly growing tokenized U.S. Treasury market.