Fidelity is looking to expand its digital assets and tokenized offerings, seeking to hire a digital asset strategist specializing in tokenization for its digital asset-focused arm, Fidelity Digital Asset Management, according to a firm job posting. The position will be responsible for opening new distribution opportunities for the firm’s tokenized products.
The firm last month launched its first on-chain tokenized product—the Fidelity Treasury Digital Fund, ticker symbol FYOXX—a money market fund primarily invested in U.S. Treasurys. The tokenized share class aims to provide a select number of institutions with a dedicated money market fund that records ownership on an Ethereum blockchain.
“While the tokenization landscape is nascent, Fidelity is focused on thoughtfully contributing to core industry infrastructure that will support a more efficient integration of traditional and on-chain systems,” said Cynthia Lo Bessette, head of Fidelity Digital Asset Management, in a statement.
Proponents of tokenization say that the technology could increase efficiency through instant transaction settlement; expand access to more investors; and provide liquidity to illiquid assets.
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“We’ve long been an innovator and adopter of new technologies that improve customer experiences and outcomes,” Lo Bessette said in the statement. “Aligned with this heritage, we see the promise in tokenization and its ability to be transformative to the financial services industry by providing transactional efficiencies with access and allocation of capital across markets.”
The GENIUS [Guiding and Establishing National Innovation for U.S. Stablecoins] Act, which passed in July with the goal of creating a regulatory framework for stablecoins, is expected to be a tailwind for the adoption of tokenization assets.
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Tags: Fidelity, tokenization
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