Fidelity tokenizes money market funds through JPMorgan's blockchain

2024-06-10 21:19:10

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ChainCatcher news, according to CoinDesk, Fidelity International has joined JPMorgan's Tokenized Collateral Network (TCN) to collaborate with Onyx Digital Assets in tokenizing shares of money market funds (MMF).

Fidelity International stated that this move means increased efficiency in meeting margin requirements and reduced trading costs and operational risks. Fidelity International also has a long history in the digital asset space, having launched a tokenization project in collaboration with Swiss bank Sygnum as early as 2019.

It is reported that JPMorgan's TCN started with the tokenization of money market fund shares, which is a mutual fund that invests in high-quality short-term debt instruments and cash equivalents. The bank stated that it plans to expand into equities, fixed income, and a range of asset classes.

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