Fidelity International launches first fund token

Fidelity International has launched its first fund token, the USD Digital Liquidity Fund (FILQ), The Block reported. The product is a blockchain-based version of an existing large-scale institutional liquidity fund. In an announcement on May 13, Moody's assigned the fund its highest rating of AAA-mf. The fund token follows the same investment strategy as an Ireland-based low volatility net asset value (LVNAV) fund with approximately $7 billion in assets.