Fidelity Backs CLARITY Act After Tokenized Fund Launch

FILQ targets on-chain institutional liquidity

FILQ is designed for investors seeking around-the-clock regulated liquidity that can be used in digital asset markets outside traditional market hours. Sygnum describes the product as “the cash layer of on-chain capital markets,” offering exposure to yield from regulated, highly rated government securities while keeping capital usable across blockchain-based workflows.

Sygnum’s Desygnate platform supports FILQ’s digitally native structure, including an on-chain fund registry, smart-contract-enabled settlement, stablecoin subscriptions, and continuous subscriptions and redemptions across global time zones. The fund’s money-market exposure includes diversified allocation across short-term instruments and asset-backed commercial paper.

FILQ tokens are issued as ERC-20 assets on Ethereum through a permissioned model in which only approved wallets can transact. Ownership records are maintained by a transfer agent, while transactions are supported by smart-contract controls.

Subscriptions and redemptions are available after Sygnum onboarding, including standard Know Your Customer and Anti-Money Laundering checks. Settlement is typically near-instant during the stated market-hours window, while outside-hours redemptions are supported through liquidity facilities and may be queued or subject to fees.

FILQ supports both accumulating and distributing token classes. Accumulating tokens compound yield into NAV, while distributing tokens accrue yield daily and pay monthly dividends.

Emma Pecenicic, Head of Digital Assets Distribution at Fidelity International, framed the launch around liquidity needs in tokenized finance. “There is no tokenized finance without tokenized liquidity,” Pecenicic said.

Fatmire Bekiri, Head of Tokenization at Sygnum, called the launch an “important milestone” for capital markets by showing how regulated tokenized liquidity can bring yield-bearing liquidity on-chain at scale.

Fernando Vazquez, President of Capital Markets at Chainlink Labs, said FILQ uses Chainlink to deliver verifiable real-time NAV and distribution metrics, arguing that this adds the tamper-proof transparency needed to connect traditional finance with the on-chain economy.

JPMorgan provides approved daily NAV data for FILQ, while Chainlink publishes daily NAV data and key distribution metrics on-chain. J.P. Morgan also supports fund administration and custody services, Apex Group serves as transfer agent for digital onboarding, wallet whitelisting and real-time processing, and Chainlink handles on-chain data publication.

FILQ is available through Sygnum eBanking or by contacting a Sygnum relationship manager. Other eligible investors can register interest through Sygnum’s contact process. A Fidelity spokesperson said FILQ is not available to U.S. persons or people in jurisdictions where access or distribution would violate applicable law or regulation.

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Fidelity joins U.S. crypto policy debate

Fidelity Investments publicly backed the CLARITY Act in a May 13 X post as Senate negotiations over crypto market-structure legislation moved toward committee markup. Fidelity Investments said the bill “provides a balanced approach” and would offer statutory clarity to digital asset markets if passed.

The CLARITY Act debate intensified after bipartisan negotiations stalled over unresolved ethics provisions and protections tied to the Blockchain Regulatory Certainty Act, including how the legislation should treat non-custodial developers. Senators also remained divided over whether stronger conflict-of-interest rules linked to the Trump family’s crypto businesses should be included.

The updated CLARITY Act spans more than 300 pages and seeks to establish the first broad federal framework for U.S. digital asset markets. Its provisions cover stablecoins, anti-money laundering standards, tokenized assets, DeFi oversight, self-custody protections and crypto bankruptcy treatment.

Coinbase, Ripple, a16z crypto and several banking executives have also supported the latest draft. Opposition remains active from some banking groups and Democratic lawmakers, while Senator Elizabeth Warren continues to attack the bill and banking lobbies push senators to tighten stablecoin rewards restrictions and DeFi provisions.

Fidelity International and Fidelity Investments are separate companies operating in different jurisdictions through subsidiaries and affiliates. That distinction matters because FILQ is a Fidelity International product, while the CLARITY Act endorsement came from Fidelity Investments.

FILQ follows earlier work among Chainlink, Sygnum Bank and Fidelity International that brought NAV data on-chain for Fidelity International’s Institutional Liquidity Fund. That earlier collaboration involved a $6.9 billion Fidelity International liquidity fund and Matter Labs’ treasury reserves.

The FILQ launch also lands as treasury-focused tokenized money market funds approach $15 billion in assets under management. BlackRock, Franklin Templeton and JPMorgan are all expanding tokenized treasury and money market products, while BlackRock has filed a second Securitize-powered tokenized fund after BUIDL grew to about $2.3 billion in assets.

JPMorgan filed on May 12, 2026 to launch the OnChain Liquidity-Token Money Market Fund, ticker JLTXX, an Ethereum-based tokenized money market fund designed to invest mainly in short-term U.S. Treasury securities and overnight repurchase agreements collateralized by U.S. Treasurys or cash. Franklin Templeton and Kraken parent Payward are also working to bring BENJI into Kraken for collateral and cash-management use cases.