Fidelity International joins JPMorgan’s Tokenized Collateral Network to tokenize money market fund shares

According to Odaily Planet Daily, Fidelity International has joined JPMorgan Chase's Tokenized Collateral Network (TCN) and has partnered with Onyx Digital Assets to tokenize shares of money market funds (MMFs). Fidelity International said the move is aimed at improving the efficiency of meeting margin requirements and reducing transaction costs and operational risks. Fidelity International has a long history in the field of digital assets, having partnered with Swiss bank Sygnum on a tokenization project as early as 2019. JPMorgan's TCN began with the tokenization of money market shares, a mutual fund that invests in high-quality short-term debt instruments and cash equivalents. The bank said it plans to expand to stocks, fixed income and a range of asset classes.