Fidelity Digital Interest Token

fdit

Rank #449•Tokenized U.S. Treasury Funds, Real World Assets (RWA), Tokenized Securities

CoinYQ Dossier

FDIT: a money-market share learns to travel on Ethereum

Fidelity started with a Treasury money-market fund, then gave one share class a second record on Ethereum. FDIT made the fund legible to onchain systems, but ownership, income and redemption still run through the fund and its transfer agent.

The fund came before the token

Fidelity dates Treasury Digital Fund to December 23, 2024. Its task was familiar: seek current income while preserving capital and liquidity, normally by keeping at least 99.5% of assets in cash and U.S. Treasury securities. The portfolio, rather than a software protocol, was built to produce the return.

That origin matters because FDIT is neither Fidelity stock nor a separately backed digital dollar. It represents a share of the fund’s OnChain Class, whose mutual-fund ticker is FYOXX. A holder participates in the pooled fund under its documents and does not take title to a particular Treasury bill.

A new share class reaches Ethereum

The OnChain Class began selling shares on August 4, 2025. Each FDIT records one of those shares at the verified Ethereum address 0x48aB4e39AC59F4E88974804B04A991b3a402717f. This created a blockchain-facing form for a regulated fund interest without moving the official shareholder register out of the transfer agent’s book-entry system.

Ondo supplied the launch-era bridge into onchain markets. On September 9, 2025, it said OUSG was the sole anchor investor and then represented more than 99% of FDIT assets. The date limits the claim: it describes how the class started, not who owns the fund now.

Compliance moves into the contract

FDIT’s verified deployment is an upgradeable proxy. Authorized roles can mint and burn units as shares enter or leave, pause activity, update the implementation and enforce transfer rules; explorer history also records address freezes and releases. The token is therefore programmable, but its circulation is deliberately conditional.

The reviewed public pages establish those powers without fully identifying every current role holder, approval threshold, multisig or delay. They also leave the end-to-end onboarding and redemption path incomplete. A wallet balance can show the blockchain record, yet the transfer agent’s register controls if the two records disagree.

Treasury income still carries fund risk

The OnChain Class seeks a $1.00 NAV and passes through portfolio income after expenses. Fidelity’s August 2026 fact sheet listed gross expenses of 0.25% and net expenses of 0.20%, with the stated cap then scheduled through August 31, 2027. Neither the yield nor that fee arrangement is permanent.

A short Treasury portfolio can reduce credit and duration risk, but it does not turn the share into insured cash. Fidelity warns that the fund can lose money. FDIT’s story is therefore a change in how a regulated fund share is recorded and connected, not a promise that code makes the dollar value or exit automatic.

How the project changed

2024-12-23
The Treasury Digital Fund begins
Fidelity records this as the inception of the broader money-market fund. Its OnChain share class had not yet begun selling shares.
2025-08-04
The OnChain Class opens
FYOXX begins selling shares, giving the regulated fund an Ethereum-recorded class represented by FDIT.
2025-09-09
Ondo describes the launch anchor
Ondo says OUSG was the sole anchor and represented more than 99% of FDIT assets at that time, a dated snapshot rather than a current holding report.

What to verify before relying on the token story

If the fund fails to maintain its targeted $1.00 NAV, the token holder bears the loss; deposit insurance and government guarantees do not restore the difference.
Compliance roles can stop transfers or freeze an address, so a visible wallet balance may be unusable until the operator resolves the restriction.
Redemption relies on fund eligibility, dealing procedures and the official register, which can prevent an immediate or permissionless wallet-to-cash exit.
The contract is upgradeable, and incomplete disclosure of current role holders and approval thresholds makes operational control harder to assess.
Portfolio yield falls when short-term rates or holdings change, and fund expenses reduce what is distributed to shareholders.
Ondo’s more-than-99% figure described launch-era concentration only; treating it as current could misstate today’s holder mix and liquidity.

Evidence and primary sources

Last evidence review: 2026-09-05

What is Fidelity Digital Interest Token?

Fidelity Digital Interest Token is the blockchain representation of one share in the OnChain Class, ticker FYOXX, of Fidelity Treasury Digital Fund. The fund existed before this share class: Fidelity records December 23, 2024 as the broader fund’s inception and August 4, 2025 as the date the OnChain Class began selling shares. FDIT therefore belongs to the history of a mutual fund adopting a second record on Ethereum, rather than the launch of a new payment coin.

What problem does Fidelity Digital Interest Token solve?

A conventional money-market share can be difficult to use inside blockchain-based financial systems because ownership and transfers normally live in the fund administrator’s books. Fidelity’s design adds a token record that eligible participants can use in compatible onchain workflows. The arrangement keeps the investor inside the fund’s legal and compliance framework: the transfer agent’s book-entry record controls if it conflicts with the blockchain, and token movement can be restricted.

How does Fidelity Digital Interest Token work?

The fund pools shareholder money and normally places at least 99.5% of its assets in cash and U.S. Treasury securities, including at least 80% in Treasuries. Portfolio income, after fund expenses, supports distributions while the class seeks a $1.00 NAV. On Ethereum, issuance and redemption can be mirrored by minting and burning FDIT. The verified proxy also exposes privileged pause, upgrade and transfer-compliance functions, and its history includes address-freeze actions. The available public materials do not identify every current role holder or spell out a complete wallet-to-cash redemption procedure.

Key facts

One FDIT represents one OnChain Class share of Fidelity Treasury Digital Fund; FYOXX is the mutual-fund ticker and FDIT is the token symbol.
The broader fund began on December 23, 2024. The OnChain Class began selling shares on August 4, 2025.
The verified Ethereum contract is 0x48aB4e39AC59F4E88974804B04A991b3a402717f and records units with 18 decimals.
The fund normally keeps at least 99.5% of total assets in cash and U.S. Treasury securities and at least 80% in Treasuries, with an intended maturity of 93 days or less for cash and Treasury holdings.
The class aims to hold a $1.00 NAV, but Fidelity states that investors can lose money and that neither FDIC insurance nor a bank or government guarantee protects the shares.
Fidelity’s August 2026 fact sheet reported a 0.25% gross expense ratio and a 0.20% net expense ratio; the stated expense cap then ran through August 31, 2027.
The transfer agent’s book-entry system is the official ownership record. The public blockchain is a secondary record and does not replace the fund register.
The proxy implementation permits authorized roles to mint, burn, pause, update and enforce transfer rules. The reviewed pages did not fully identify the current operators or their approval thresholds.
Token supply expands or contracts with fund-share issuance and redemption; the reviewed fund documents do not establish a fixed maximum supply.
On September 9, 2025, Ondo said OUSG was the sole launch anchor and represented more than 99% of FDIT assets at that time. That statement does not establish the fund’s present concentration.

Official links

Official website Whitepaper Block explorer

Frequently asked questions

Why did Fidelity create FDIT?

FDIT gives the OnChain Class a blockchain record that can connect an eligible fund share to onchain financial infrastructure. It does not replace the fund, its transfer agent or its investor rules.

Is FDIT a stablecoin?

No. It is a money-market mutual-fund share represented on Ethereum. The fund targets a $1.00 NAV, but the share can lose value and carries no FDIC, bank or government guarantee.

Where does the return come from?

The fund earns income from cash and short-dated U.S. Treasuries and distributes income after expenses. The yield can change with the portfolio, interest rates and fees; the token contract does not promise a fixed coupon.

Does owning FDIT mean owning a specific Treasury bill?

No. A holder owns a share of the fund under its governing documents. The fund owns the portfolio, so the token does not convey title to an identified Treasury security.

Can any wallet transfer or redeem FDIT?

The contract can enforce transfer restrictions and freeze addresses. Eligibility, onboarding and redemption also depend on Fidelity and the transfer agent; the reviewed public pages do not describe a complete permissionless redemption route.

Who can change the contract?

The verified proxy has roles for minting, burning, pausing, updates and compliance. The public materials reviewed did not fully disclose the current role holders, multisig setup or timelock, which leaves the practical approval path uncertain.

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