Hey, it’s Marc,

Fidelity is working with JPMorgan to use blockchain to solve their own multi-trillion-dollar problem: idle liquidity. Fidelity International just put a Moody’s AAA-mf rated, $7B money market fund on Ethereum - live, operational, settling 24/7. The fund, Fidelity USD Digital Liquidity Fund (FILQ), was launched on May 6, 2026 and was rated by Moody’s on May 13. [RELEASE]

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What happened

On 13 May 2026, Fidelity International publicly introduced FILQ (Fidelity USD Digital Liquidity Fund), a yield-bearing, fully digital USD liquidity fund issued through Sygnum Bank’s Desygnate tokenization platform. [Explore FILQ]

The fund holds short-dated government securities and is structured to mirror Fidelity International’s Irish-domiciled $7B LVNAV (low-volatility net asset value) money market fund.

On the same day, Moody’s assigned a AAA-mf rating at launch. FILQ is restricted to non-US institutional investors and starts with roughly $10M in on-chain AUM. It is saying the blockchain wrapper doesn’t degrade the underlying sovereign debt quality. It also discussed the risks of the fund in their research document.

Zooming in: This fund’s NAV is piped through Chainlink on blockchain where JPMorgan provides the official daily valuations. The token is ERC-20 which makes it highly interoperable across wallets and exchanges, whereas the subscription rail is stablecoins and the redemption is 24/7.