Ethereum News: Fidelity Proposes Blockchain-Based U.S. Dollar Money Market Fund

In a groundbreaking move, Fidelity Investments, one of the world’s largest asset managers, has submitted a proposal to the Securities and Exchange Commission (SEC) to launch a blockchain-based version of its U.S. dollar money market fund. Here’s a closer look at this revolutionary initiative.

Fidelity’s SEC Filing: Tokenizing U.S. Dollar Money Market Funds

Fidelity, an asset management giant managing around $5.8 trillion in assets, has submitted a proposal to the Securities and Exchange Commission (SEC) to launch a blockchain-based version of its U.S. dollar money market fund. The company wants to register an “OnChain” share class of its Fidelity Treasury Digital Fund (FYHXX) using the Ethereum network, with potential expansion to other blockchains in the future. This blockchain-based fund could revolutionize the way dollar funds are managed if regulators approve the proposal.

Is Now a Good Time to Buy ETH? Analyst Shares Insights

Ethereum’s (ETH) underperformance in the last four months has sparked speculation about its potential in this bull cycle. Investors are uncertain whether to sell ETH to avoid further losses or buy more in anticipation of gains. On-chain analyst Ali Martinez evaluated ether’s price trajectory, considering metrics that could indicate a bullish or bearish outlook for the second-largest cryptocurrency. Martinez’s analysis showed that ether’s 57% decline from $4,100 to $1,750 between December and mid-March drove investor sentiment into fear territory, triggering significant selling activity, even among whales.

Chainlink and ADGM Partner to Support Tokenization Projects in UAE

Chainlink, a leading decentralized oracle network, has partnered with ADGM, the financial center of Abu Dhabi UAE, to support tokenization projects registered in ADGM. As part of its expansion in the MENA region, Chainlink Labs, the primary developer contributor of Chainlink, opened its offices in ADGM at the end of 2024. The partnership aims to foster the use of AI, DLT, and compliant tokenization frameworks in innovative projects. Chainlink Labs plans to utilize its local presence to expand its network of strategic partnerships with financial market infrastructures and institutions, better serving its global ecosystem and building key relationships in the region amidst the surging demand for tokenized assets.

Ethereum (ETH) Faces Historic Q1 Drop

Ethereum (ETH) is experiencing its worst-ever first quarter, with returns dropping over 6% this month. Analysts attribute this poor performance to persistent selling pressure, diminishing network usage, and falling active addresses. Data from CryptoRank shows ETH’s returns dipped by 1.28% in January, 32.2% in February, and another 6.27% in March, making it one of the weakest starts to a year for ETH since its inception.