Fidelity Launches Ethereum-Based Interest Token to Rival BlackRock

Fidelity Asset Management has launched its new Ethereum-based digital interest token, Fidelity Digital Interest Token (FDIT), in a move to compete with Blackrock’s BUIDL fund. The FDIT allows investors to access the underlying assets of Fidelity’s Treasury Money Market Fund, which currently holds over $200 million in U.S. Treasury securities and cash. This digital token carries a management fee of 0.20%, and is being custodied by BNY Mellon. As of now, FDIT only has two holders. This initiative signifies Fidelity’s direct challenge to Blackrock’s dominance in the $7 billion tokenized Treasury market.