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Fidelity International, the global asset manager with more than $1 trillion in client assets, launched the Fidelity USD Digital Liquidity Fund (FILQ) on May 13, its first tokenized fund.
LIVE: Fidelity International, a global asset manager with $1+ trillion total client assets, launches its first tokenized fund FILQ, powered by Chainlink.
Through onchain NAV, Chainlink is enabling Fidelity International to bring regulated yield-bearing liquidity into 24/7… pic.twitter.com/UOvs52neCR
— Chainlink (@chainlink) May 13, 2026
The launch was powered by Chainlink’s on-chain NAV and distribution infrastructure, Sygnum’s Desygnate tokenization platform, and J.P. Morgan as the approved daily NAV data source.
Moody’s Ratings assigned FILQ its highest AAA-mf designation, the same credit assessment applied to money market instruments with the strongest liquidity and credit quality characteristics.
‘There is no tokenized finance without tokenized liquidity,’ said Emma Pecenicic, Head of Digital Assets Distribution at Fidelity International. ‘As markets move towards real-time, always-on settlement, financial infrastructure has to move with the same immediacy. We believe tokenization is a foundational shift in how global financial markets will function, not a niche innovation.’
FILQ is built on a four-institution architecture that mirrors the institutional tokenization standard being established across the industry this week.
Fidelity International acts as both an asset manager and an issuer, running the same investment strategy as its existing Irish-domiciled Low Volatility Net Asset Value (LVNAV) fund, which has approximately $6.9 billion in AUM and an existing Moody’s AAA-mf rating. FILQ tokens carry the same credit assessment as the fund.
Sygnum provides the tokenization infrastructure through its Desygnate platform, which handles the on-chain fund registry and smart-contract-enabled settlements. Desygnate is a regulated tokenization system that issues FILQ as ERC-20 tokens on Ethereum within a permissioned environment that incorporates compliance and governance controls. Investors subscribe and redeem 24/7 via stablecoin settlement, with near-instant settlement during market hours using a waterfall liquidity structure.
Chainlink handles the on-chain NAV and distribution data layer. Rather than waiting for end-of-day updates as in traditional fund operations, Chainlink’s infrastructure delivers verifiable, real-time NAV and distribution metrics on-chain, connecting Fidelity’s fund pricing to public blockchain and DeFi ecosystems. J.P. Morgan provides the approved daily NAV data that Chainlink then distributes through its oracle network.
Additionally, the fallout from the recent KelpDAO exploit has accelerated a broader industry shift toward Chainlink’s Cross-Chain Interoperability Protocol (CCIP), as developers and institutions assess the security assumptions behind existing interoperability frameworks. Solv Protocol and KelpDAO’s shift from LayerZero to Chainlink led to the migration of over $1 billion in value.
The current launch did not arrive without precedent. In July 2024, Fidelity International, Chainlink, and Sygnum first collaborated to bring on-chain NAV data for the $50 million tokenized treasury reserve allocation made by Matter Labs, the company behind ZKsync, into Fidelity’s Institutional Liquidity Fund. That pilot, which operated on ZKsync as an Ethereum L2 member of Chainlink’s SCALE program, served as the proof-of-concept infrastructure for FILQ.
FILQ is the full productization of that 2024 work: from a single NAV data integration to a 24/7, publicly accessible, tokenized fund with a Moody’s credit rating, stablecoin settlement, and ERC-20 tokens on the Ethereum mainnet.
‘This marks an important milestone in the evolution of capital markets, demonstrating how tokenized liquidity products can bring high-quality, yield-bearing liquidity on-chain in a regulated and scalable way,’ said Fatmire Bekiri, Head of Tokenization at Sygnum.
FILQ’s May 13 launch is the third tokenized money market fund to go live or file for registration in the past five days. BlackRock filed two SEC registrations on May 8: OnChain shares for its $7 billion BSTBL fund on Ethereum and a new stablecoin reserve vehicle backed by T-bills. J.P. Morgan filed JLTXX on May 12, a tokenized money market fund on Ethereum explicitly designed to satisfy GENIUS Act reserve requirements for stablecoin issuers.
Three of the world’s largest asset managers have either tokenized their money market infrastructure and made it live or filed within the same five-day window. All three use Ethereum as the blockchain layer. Also, these are structured as compliant, regulated instruments intended to function as the yield-bearing cash layer of on-chain capital markets.
The combined tokenized Treasury and money market fund market now stands at $15.36 billion, as per data from RWA.xyz. FILQ’s AAA-mf Moody’s rating and Fidelity International’s $1 trillion AUM bring a new level of credit quality and institutional credibility to a market accelerating faster than at any prior point in its history.
The GENIUS Act, enacted in June 2025, is already law and requires stablecoin issuers to hold 1:1 reserves in T-bills and government money market funds. FILQ, JLTXX, and BlackRock’s Stablecoin Reserve Vehicle are not anticipating that framework. They are operating inside it. Stablecoin issuers now have three AAA-rated, Ethereum-native reserve options from the world’s largest asset managers available today.
Chainlink’s LINK at $10.59 on May 13 is at an inflection point for the most concentrated institutional adoption week in the project’s history.
FILQ, the BMA embedded supervision completion on May 6, the Solv Protocol $700M CCIP migration on May 7, and the DTCC collateral management network all landed in the same seven-day window. Santiment’s 282,170 active address count on May 9, an 8-month high, reflects that accumulation in live network data.
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