Fidelity International Joins Tokenized Collateral Network, Plans To Tokenize Money Market Fund Stocks

According to Odaily, Fidelity International has joined the Tokenized Collateral Network (TCN) under JPMorgan Chase, in collaboration with Onyx Digital Assets, to tokenize the stocks of Money Market Funds (MMF). Fidelity International stated that this move is aimed at enhancing the efficiency of meeting margin requirements and reducing transaction costs and operational risks. Fidelity International has a long history in the digital asset field, having collaborated with Swiss bank Sygnum on a tokenization project as early as 2019. JPMorgan Chase's TCN began with the tokenization of money market stocks, which are mutual funds that invest in high-quality short-term debt instruments and cash equivalents. The bank has plans to expand to stocks, fixed income, and a range of asset classes.