Moody’s assigns Aaa-mf assessments to Fidelity and BlackRock tokenized money market funds

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Moody’s assigns Aaa-mf assessments to Fidelity and BlackRock tokenized money market funds The assessment suggest the highest level of credit quality, liquidity and capital preservation. What to know: - Moody’s assigned an Aaa-mf assessment to tokenized money market funds issued by Fidelity and BlackRock, indicating the highest level of credit quality, liquidity, and capital preservation. - Fidelity’s FILQ fund, introduced on May 6 and built on Sygnum’s Desygnate tokenization platform with infrastructure support from JPMorgan Chase, Apex Group and Chainlink, aims to enable real-time, onchain cash settlement. - Tokenized U.S. government debt products have surged to more than $15 billion in assets under management from $1 billion in two years, with BlackRock’s BUIDL fund accounting for about 15% of the market. Moody’s assigned its highest credit rating to tokenized money market funds from Fidelity and BlackRock, validating their safety as yield-bearing onchain products. The Aaa-mf assessment signals an extremely strong ability to ensure high liquidity and capital preservation and the lowest level of risk. An assessment usually means a broader analytical view while an actual rating actual rating is the formal, published credit grade assigned. Fidelity's FILQ fund debuted on May 6. The product is powered by Swiss digital asset bank Sygnum's Desygnate tokenization platform, which enables onchain fund registries, smart contract-based settlement and stablecoin subscriptions and redemptions. It also includes infrastructure support from JPMorgan Chase for custody and fund administration, Apex Group for transfer agency services and Chainlink, which publishes the fund’s net asset value and distribution data onchain. "There is no tokenized finance without tokenized liquidity. Once markets settle in real time, cash must settle in real time too," Emma Pecenicic, head of digital assets distribution at Fidelity International, said in a statement. BlackRock's BUIDL, introduced in March 2024, is one of the largest tokenized Treasury funds in the world. The fund received a Aaa-mf assignment yesterday, more than two years after its debut, according to a post on X by Securitize, its transfer agent and tokenization platform. Money market funds deal in high-liquidity, short-term debt securities with maturities generally under one year, such as Treasury bills, commercial paper, and certificates of deposit. Investors use money market funds as a safe place to park cash while still earning some interest. Tokenized U.S. government debt products, including Treasury bills, notes, bonds and money market funds, have rapidly gained traction among both traditional financial institutions and crypto-native firms. The onchain tokenized Treasury sector now has total assets under management of over $15 billion, up from $1 billion in just two years, according to data source rwa.xyz. The growth is driven by demand for onchain versions of low-risk, yield-bearing instruments. 12:37 UTC: Corrects title and text to clarify Moody’s assigned an Aaa-mf assessment, not a credit rating. More For You Coinbase will manage USDC liquidity on Hyperliquid, deepening ties with one of crypto’s fastest-growing trading platforms. What to know: - Coinbase will become the official treasury deployer of USDC on Hyperliquid, giving it a central role in managing stablecoin liquidity on one of crypto’s fastest-growing trading networks. - As part of the deal, Coinbase secured rights to purchase assets tied to Hyperliquid-native stablecoin USDH, which will remain redeemable for USDC or...

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