Onchain capital markets platform Theo announced that it invested $20 million in Fidelity International’s USD Digital Liquidity Fund product. The company states that with this step, the asset manager becomes the first crypto-native platform to allocate capital to its tokenized fund.
Structure of the investment and scope of FILQ
The transaction was conducted through Switzerland-based digital asset bank Sygnum, which provides regulated banking, custody and tokenization services to institutional clients. With this allocation, FILQ has been added to the structure of thBILL, Theo’s institutional tokenized Treasury product.
FILQ is a tokenized US dollar liquidity fund built on Sygnum’s Desygnate platform and rated Aaa mf by Moody’s. The fund invests in diversified short-term money market instruments for the purpose of preserving capital and maintaining liquidity.
Mini glossary: A tokenized fund is the creation of a digital representation of a traditional financial product on the blockchain. Net asset value refers to the unit value calculated by subtracting the liabilities from the total value of the assets in a fund’s portfolio.
Theo noted that the $20 million investment makes Fidelity International the first crypto-native platform to allocate capital to its tokenized fund.
According to the published information, Chainlink provides the fund’s onchain net asset value and distribution data through the Runtime Environment infrastructure. JPMorgan receives and confirms daily net asset value data.
Fund size and company data
Fidelity International announced that it managed a total of $1.06 trillion in assets as of March 31. Theo reported that its products have generated a cumulative transaction volume of over 1 billion dollars through more than 80 thousand users in more than 60 countries.
According to RWA.xyz data, FILQ currently has approximately $55.1 million in on-chain assets. This chart indicates that Theo’s $20 million allocation represents a significant share of the fund’s total size.
| Pen | Data |
|---|---|
| Theo’s FILQ investment | 20 million dollars |
| FILQ onchain asset size | $55.1 million |
| Fidelity International total assets managed | $1.06 trillion |
| Number of Theo users | more than 80 thousand |
Growth in tokenized Treasury products accelerates
Tokenized US Treasury products have become the largest segment in the real-world asset tokenization market. RWA.xyz data shows that this field has more than doubled in the last year. The distributed value increased from approximately $6.9 billion at the end of June 2025 to approximately $14.6 billion by the end of June 2026.
RWA.xyz tracks 83 tokenized Treasury products held by more than 64 thousand investors. Products offered by Circle, BlackRock, Ondo, Franklin Templeton, and Securitize have each reached more than $2 billion in distributed value.
RWA.xyz data shows that tokenized US Treasury products are the largest space in the real-world assets market, growing from $6.9 billion to $14.6 billion in the last year.
Traditional financial institutions introduce new products
Market expansion proceeds simultaneously with new fund launches and distribution partnerships by traditional financial institutions. JPMorgan launched a tokenized sovereign money market fund called JLTXX on Ethereum in May. This product invests in US Treasury bills and overnight repurchase agreements.
Franklin Templeton also partnered with MoonPay the following month, expanding institutional access to its BENJI tokenized money market fund. This structure allows eligible institutional investors to switch between supported stablecoins and tokenized fund access via on-chain transaction flow.
