Fidelity International has launched the Fidelity USD Digital Liquidity Fund, or FILQ, its first tokenized liquidity fund aimed at eligible institutions seeking dollar liquidity outside standard market hours. The product is designed for digital asset markets while giving exposure to yield generated from regulated, highly rated government securities.
According to Sygnum, FILQ carries a Moody’s Aaa-mf assessment. The fund is available through Sygnum’s platform, where institutional clients can subscribe, hold, and redeem tokens after completing standard KYC and AML checks. FILQ is issued as an ERC-20 token on Ethereum, and the minimum initial investment is $100,000.
Onchain NAV data and cash management workflow
The product relies on several infrastructure providers. Chainlink publishes FILQ’s NAV and distribution data onchain, while JPMorgan supplies the approved daily NAV data. Sygnum says this gives investors daily visibility into fund value and supports near-instant settlement during market hours.
Sygnum is not positioning FILQ as a stablecoin. Its distinction is straightforward: stablecoins are typically built for price stability and settlement, while FILQ also offers yield exposure from government securities and remains usable in onchain workflows. The fund includes both accumulating and distributing token classes. Yield accrues daily, and distributing tokens pay monthly dividends under a constant NAV structure where one token equals one U.S. dollar.
Large asset managers push tokenized funds onto blockchain rails
FILQ enters a market where major financial firms are moving money market and Treasury products onto blockchains. Earlier reports said JPMorgan filed to launch JLTXX, an Ethereum-based tokenized money market fund aimed at stablecoin issuers that need Treasury-backed reserve assets.
BlackRock has also filed for a second Securitize-powered tokenized fund after BUIDL grew to about $2.3 billion in assets. Franklin Templeton and Kraken parent Payward are also working to bring BENJI onto Kraken for collateral and cash management use cases.
Sygnum describes FILQ as “the cash layer of on-chain capital markets.” Public information also points to earlier work involving Chainlink, Sygnum, and Fidelity International to bring NAV data onchain for a $6.9 billion Fidelity International liquidity fund tied to Matter Labs’ treasury reserves. FILQ builds on that groundwork by linking a regulated liquidity product to onchain treasury, collateral, and trading operations.