Fidelity will take part in the tokenized US Treasury bill race and underpin BlackRock’s Beadle Fund

Fidelity has launched a new tokenized fund focused on US Treasury invoices, establishing itself as a direct competitor for BlackRock’s Buidl funds.

Simply put, the new offering from Fidelity allows investors to put money into US Treasury bills through a blockchain-based system. By emblematic of the US Treasury bill, Fidelity’s plan is to increase investors’ on-chain flexibility, transparency and liquidity.

Fidelity’s latest is delivered in line with the broader trend of bringing traditional assets to the blockchain platform.

How does Fidelity stack up against BlackRock’s Buidl?

The main headline is direct competition with Fidelity’s BlackRock’s Buidl Fund. BlackRock’s Buidl funds have a solid market presence utilised through a network of well-known players in both traditional finance and crypto industries.

Buidl’s goal was to bring US financial bills and other collateral assets to the blockchain by combining the benefits of blockchain technologies such as security of government bonds with flexibility and transparency.

Related: University AI joins BlackRock’s Buidl Fund, showing growing interest in AI-driven NFTs

The recent Spark Tokenization Grand Prix, an initiative aimed at allocating $1 billion tokenized assets, further strengthens their rivalry. In particular, BlackRock’s Buidl will receive half of the funding under the program.

Launched in July 2024, the initiative focuses on using Stablecoins within Spark Ryuidity Layer (SLL) to incorporate tokenized assets such as Buidl, USTB, and JTRSY. If Governance approves this plan in April 2025, it also includes investments in Superstate’s USTB and Centrifuge’s JTRSY.

Who are the key players supporting BlackRock’s Buidl?

BlackRock’s Buidl benefits from a robust ecosystem of key partners such as Anchorage Digital Bank NA, Bitgo, Coinbase and Fireblocks. These partners provide critical infrastructure and services to support the tokenization process.

Related: BlackRock’s Buidl fund is expanding to five new blockchains

BlackRock is making strategic investments in Securitize, the platform responsible for managing Buidl’s tokenized stocks. The partnership strengthens Buidl’s operating foundation, along with the involvement of Pricewaterhousecoopers LLP as the fund’s auditor.