Written by Nate Kostarstaff writerReviewed by Sam Bourgistaff writer

Written by Nate Kostarstaff writer

Reviewed by Sam Bourgistaff writer

Theo becomes first crypto-native investor in Fidelity tokenized fund

Latest NewsPublishedJun 30, 2026

The onchain capital markets platform allocated $20 million to Fidelity International’s tokenized liquidity fund as tokenized Treasury products continue to attract institutional capital.

Theo, an onchain capital markets platform, has invested $20 million in Fidelity International’s USD Digital Liquidity Fund (FILQ). Theo stated the investment makes it the first crypto-native platform to allocate capital to the asset manager’s tokenized fund.

Executed through Sygnum, a Swiss digital asset bank that provides regulated banking, custody and tokenization services for institutional clients, the allocation adds FILQ to Theo’s institutional tokenized Treasury product, thBILL.

FILQ is a Moody’s Aaa-mf-rated tokenized US dollar liquidity fund built on Sygnum’s Desygnate platform that invests in diversified short-term money market instruments designed to preserve capital and liquidity. Chainlink provides onchain net asset value and distribution data for the fund through its Runtime Environment, while JPMorgan receives and approves the daily NAV data, as reported by the release.

Fidelity International managed $1.06 trillion in total assets as of March 31, as reported by the company, while Theo stated its products have processed more than $1 billion in cumulative trading volume across more than 80,000 users in over 60 countries.

RWA.xyz data shows FILQ currently manages about $55.1 million in onchain assets, suggesting Theo’s $20 million allocation represents a notable share of the fund.

Source: RWA.xzy

Related: Franklin Templeton launches dedicated crypto division after closing 250 Digital acquisition

Traditional asset managers expand tokenized fund offerings

Tokenized US Treasury products have become the largest segment of the tokenized real-world asset market. as reported by RWA.xyz, the sector has more than doubled over the past year, growing from about $6.9 billion in distributed value in late June 2025 to approximately $14.6 billion as of late June 2026.

RWA.xyz tracks 83 tokenized Treasury products held by more than 64,000 investors, with offerings from Circle, BlackRock, Ondo, Franklin Templeton and Securitize each managing more than $2 billion in distributed value.

Tokenized US Treasuries. Source: RWA.xyz

The market’s growth has been accompanied by new fund launches and distribution partnerships from traditional financial firms. In May, JPMorgan introduced JLTXX, a tokenized government money market fund on Ethereum (ETH) that invests in US Treasury bills and overnight repurchase agreements.

The following month, Franklin Templeton partnered with MoonPay to expand institutional access to its BENJI tokenized money market fund, allowing eligible institutions to move between supported stablecoins and tokenized fund exposure through an onchain trading workflow.

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