Fidelity International partners with Onyx Digital Assets to tokenize money market funds

Fidelity International has joined JPMorgan's Tokenized Collateral Network (TCN), working with Onyx Digital Assets to tokenize shares of money market funds (MMFs). Fidelity International said the move means greater efficiency in meeting margin requirements and reducing transaction costs and operational risks. Fidelity International also has a long history in the digital asset space, having partnered with Swiss bank Sygnum on a tokenization project as early as 2019. JPMorgan's TCN began with the tokenization of money market shares, a mutual fund that invests in high-quality, short-term debt instruments and cash equivalents. The bank said it plans to expand to equities, fixed income and a range of asset classes. (Coindesk)