The asset management giant Fidelity hopes to launch a blockchain-tracked share class for one of its existing funds.

The Fidelity Treasury Digital Fund is 99.99% invested in U.S. Treasury bills.

A new filing with the U.S. Securities and Exchange Commission (SEC) indicates the firm hopes to launch a new “OnChain” share class for the fund in May. The new product is designed to increase ownership transparency for its Treasury Digital Fund by recording transactions on a public blockchain.

Reads the filing,

“The fund’s 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 recorded on a public blockchain. Although the secondary recording of the OnChain class on a blockchain will not represent the official record of ownership, the transfer agent will reconcile the secondary blockchain transactions with the official records of the OnChain class on at least a daily basis. The transfer agent’s book-entry records will constitute the official record of the fund and govern the record ownership of fund shares in all circumstances.”

The OnChain share class plans to use the Ethereum (ETH) network as the public blockchain. The filing notes the fund might use other blockchain networks in the future.

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