Theo becomes first crypto-native investor in Fidelity tokenized fund

Theo Allocates $20M to Fidelity Tokenized Fund

The onchain capital markets platform allocated $20 million to Fidelity International's tokenized liquidity fund as tokenized Treasury products continue to attract institutional capital.

Source: RWA.xyz

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Tokenized US Treasury products have become the largest segment of the tokenized real-world asset market. According to RWA.xyz, the sector has more than doubled over the past year, growing from about $6.9 billion in distributed value in late June 2025 to approximately $14.6 billion as of late June 2026.

RWA.xyz tracks 83 tokenized Treasury products held by more than 64,000 investors, with offerings from Circle, BlackRock, Ondo, Franklin Templeton and Securitize each managing more than $2 billion in distributed value.

Tokenized US Treasuries. Source: RWA.xyz

The market's growth has been accompanied by new fund launches and distribution partnerships from traditional financial firms.

• In May, JPMorgan launched JLTXX, a tokenized government money market fund on Ethereum (ETH) that invests in US Treasury bills and overnight repurchase agreements.
• The following month, Franklin Templeton partnered with MoonPay to expand institutional access to its BENJI tokenized money market fund, allowing eligible institutions to move between supported stablecoins and tokenized fund exposure through an onchain trading workflow.

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