Fidelity Treasury Digital Fund (FYHXX) ownership will be recorded in traditional book-entry form and "OnChain" share class will provide a verifiable tracking by Fidelity’s transfer agents reconciling transactions with book entry ledger

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The asset management giant, which oversees approximately $5.9 trillion, will issue shares of its Fidelity Treasury Digital Fund (FYHXX) that are recorded on the Ethereum blockchain. The OnChain share class is designed to provide investors transparency and verifiable tracking of share transactions, although Fidelity will maintain traditional book-entry records as the official ownership ledger.

"The transfer agent maintains the official record of share ownership of the OnChain class in book-entry form. Ownership of the OnChain class will also be digitized on a public blockchain," the filing states. "Although the secondary blockchain record will not represent the official record, Fidelity’s transfer agent will reconcile blockchain transactions daily."

The OnChain share class aims to provide investors transparency and verifiable tracking of share transactions of FYHXX, although Fidelity will maintain traditional book-entry records as the official ownership ledger.