Stablecoin issuers
Managing reserves
Stablecoin issuers
Managing reserves
Putting reserves to work
- Accommodate issuance-driven fluctuations without creating idle balances.
- Preserve auditability and regulatory credibility.
Marketing Communication. Capital at risk. For professional investors only.
Put on-chain cash to work 24/71
Institutional cash. Yield. Always on.
What is FILQ?
The first digitally native, 24/7 liquidity fund with continuous yield
Fidelity International Strategies Funds SPC – USD Digital Liquidity Fund SP (FILQ) keeps cash working – by earning yield from highly rated government and non-government securities – while staying composable with on-chain assets.
View token details1 Subscriptions and redemptions are generally accepted 24/7; however, as detailed in the Important disclosures, are subject to operational and liquidity constraints as well as scheduled maintenance periods (Saturdays 3 – 6pm EST). 2 Settlement may not be near-instant under certain conditions. Please refer to the Prospectus for more details.
24/7 accessibility,
near-instant2 settlement
Gross yield* of underlying instruments
7-day yield:
3.8%3 p.a.
*Source: Fidelity International, as of 31 July 2026. Yield annualised and before fees.
3 Past or current yield levels are not indicative of future yield levels. The actual return to investors may be lower and may differ materially from the gross yield shown.
Why FILQ?
Because cash shouldn’t sit idle after it moves on chain.
In decentralised finance, instant settlement is non-negotiable – even at the expense of yield. FILQ removes that trade-off, combining crypto’s speed with traditional finance yield.
Built natively on-chain, the fund enables near-instant subscriptions and redemptions, with yield generated through investments in high-quality, short-term debt instruments. It keeps cash connected and composable.
Instant access
Subscribe and redeem on-chain, 24/7.
Traditional finance yield
Access a diversified portfolio of high-quality instruments.
Built for the future
Transparent, efficient and digitally native.
First tokenised liquidity fund with Moody’s highest assessment level
FILQ is built on three decades of money management experience. It follows the same investment principles as Fidelity’s flagship traditional money market fund, making it a state-of-the-art liquidity tool designed for institutional liquidity management.
As of 13/05/2026
Moody’s
Two token classes
Fund features
Institutional-grade security
Immutable records and smart-contract-enabled compliance.
Digitally native liquidity and yield
Regulated cash with daily NAV — accessible via wallet or Application Programming Interface (API).
24/7 redemptions and subscriptions
Because tokenised markets operate across time zones — and never close.
Integrates with eligible, approved stablecoins4
Subscribe and settle in supported stablecoins, including USDC, PYUSD, RLUSD and FIDD.
4 Stablecoin Conversion Risk: Investors may subscribe and redeem using Eligible Stablecoins, which are required to be transferred to a Token Distributor escrow wallet and subsequently exchanged into cash in the base currency of the fund. Relevant Eligible Stablecoin must be exchanged into fiat prior to investment. Investors are exposed to costs, slippage and operational dependency on third-party exchange processes, which may reduce invested value.
Emma Pecenicic
Head of Digital Assets Distribution,
Fidelity International
Tim Foster
Fixed Income Portfolio Manager,
Fidelity International
Mathias Imbach
CEO,
Sygnum Bank
Fatmire Bekiri
Head of Tokenisation,
Sygnum Bank
Who is FILQ for?
Find your use case
FILQ is designed for institutions and investors who need real-time liquidity without sacrificing yield, across traditional and digital asset workflows.
Blockchain foundations
Managing ecosystem treasuries
Blockchain foundations
Managing ecosystem treasuries
Low-risk yield for long-term ecosystem capital
- Keep capital low-risk and transparent.
- Adapt to changing liquidity needs.
- Eliminate the opportunity cost of idle cash for grants, operations, and ecosystem growth.
Digital asset exchanges and banks
Managing client and operational float
Digital asset exchanges and banks
Managing client and operational float
Yield on balances, without operational or regulatory friction
- Keep client and operational float accessible across time zones.
- Support capital efficiency without compromising preservation.
- Integrate cleanly with on-chain trading and settlement workflows.
Institutional trading platforms
Optimising collateral and capital efficiency
Institutional trading platforms
Optimising collateral and capital efficiency
Putting collateral to work
- Accommodate issuance-driven fluctuations without creating idle balances.
- Preserve auditability and regulatory credibility.
Asset managers and funds
Managing treasury and working capital
Asset managers and funds
Managing treasury and working capital
Putting working capital to work
- Accommodate issuance-driven fluctuations without creating idle balances.
- Preserve auditability and regulatory credibility.
Who is behind FILQ?
Meet the FILQ Team
Tim is Co-Portfolio Manager of Fidelity International’s money market solutions, overseeing US$34.5 billion in combined assets under management as of Q4 2025. He also manages inflation-linked, absolute return, and total return bond strategies across the firm’s fixed income platform.
Tim joined Fidelity in 2003 as a Quantitative Analyst and became a Portfolio Manager in 2007. He holds a BA and MSc in Natural Sciences from Cambridge University and a Certificate in Quantitative Finance.
Ravin is Co-Portfolio Manager alongside Tim on Fidelity International’s money market strategies. With more than 15 years of experience in global macro, G10 rates, and inflation-linked assets, he also manages mandates within the firm’s absolute return and strategic bond platform.
Ravin holds a Masters of Engineering in Engineering, Economics, and Management from Oxford University and a Masters of Science in Machine Learning from Royal Holloway, University of London.
Emma leads Fidelity International’s Digital Partnerships team, driving the firm’s digital wealth and tokenisation initiatives across Asia. Based in Hong Kong, she has been instrumental in building Fidelity’s digital product architecture and strategic partnerships within the region’s evolving fintech ecosystem.
With over a decade of experience spanning asset management, digital transformation, and emerging technologies, Emma previously led global digital strategy initiatives at BNP Paribas Asset Management. She holds an MSc in Financial Management and a Diplome des Grande Ecoles in Financial Analysis from EDHEC Business School.
Giselle oversees client engagement and distribution for Fidelity International’s digital assets platform. Active in the digital asset space since 2018, she holds an MSc in Blockchain and Digital Currency from the University of Nicosia and lectures on digital assets at the University of Hong Kong.
Prior to her current role, Giselle was an Associate Investment Director within Fidelity’s Asian Fixed Income team, specialising in Asian investment grade and China bond strategies. She holds a BSc in Economics and Finance from the University of Hong Kong.
Key partners in the ecosystem
‘FILQ marks an important milestone in the evolution of capital markets, demonstrating how tokenised liquidity funds can bring high-quality, yield-bearing liquidity on-chain in a regulated and scalable way. At Sygnum Bank, we see tokenised liquidity as foundational infrastructure for the next generation of financial markets – enabling real-time, 24/7 access to cash management solutions that move seamlessly across traditional and digital ecosystems. We are proud to partner with Fidelity International in advancing this vision and bringing institutional-grade innovation to the digital asset space.’
— Fatmire Bekiri, Head of Tokenisation, Sygnum Bank
‘Fidelity International’s adoption of Chainlink to publish on-chain share-class NAV and key distribution metrics for its USD Digital Liquidity Fund reflects continued progress in tokenised fund infrastructure. Fidelity International making core fund data available on-chain through Chainlink enhances transparency and signals the next phase of institutional adoption.’
— Fernando Vazquez, President of Capital Markets, Chainlink Labs
‘Apex Group’s 24/7 digital transfer agency model removes a structural limitation that has held back digital liquidity markets. Many funds operate on chain, yet their subscriptions and redemptions still depend on traditional, business hour processes. Through FILQ, investors gain real-time access to liquidity and continuous, automated processing. It reflects a more modern market infrastructure that is always available, transparent, and designed to reinforce trust.’
— Peter Hughes, Founder and CEO, Apex Group
‘As tokenisation moves toward institutional deployment, we’re focused on delivering solutions that bridge the gap between traditional asset and on-chain ecosystems. Building on our longstanding partnership with Fidelity International, J.P. Morgan is proud to support the FILQ fund through provision of Custody, Administration and Cash Management services, enabling an innovative fund product, that prioritizes investor’s access to liquidity.’
— Hannah Elson, EMEA Head of Securities Services, J.P. Morgan
Key information
Regulatory status
Regulated by the Cayman Islands Monetary Authority (CIMA) under the Mutual Funds Act.
Management company
FIL Investment Management (Luxembourg) S.à r.l.
Investment objective
Maintain capital value and liquidity while seeking returns in line with money market rates.
Underlying assets
USD-denominated short-term instruments, including high-quality money market instruments, securitisations and asset-backed commercial paper (ABCP), money market funds, and USD deposits.
Risk information
Investors should read the Prospectus before making any final investment decision. The investment concerns the acquisition of shares in the fund and not in an underlying asset owned by the fund. Investment involves risks, including the possible loss of capital. Past performance is not a reliable indicator of future returns.
Credit Risk – In an extreme case, a debt investment could go into default, meaning its issuer could become unable to make timely payments to the fund.
24/7 dealing and liquidity Risks – The Fund will generally accept subscription and redemption orders on a continuous 24/7 basis; however, orders may not always be processed immediately and may be subject to liquidity and operational constraints, including scheduled maintenance periods.
Fees and Charges – Investments in the Fund are subject to charges and expenses. Charges and expenses reduce the potential growth of your investment. This means you could get back less than you paid in.
Complete information on risks and costs, including those not presented here, is available in the Prospectus.
FILQ FAQs
No, FILQ is not a stablecoin. In decentralised finance, interoperability and instant settlement are non-negotiable. But stablecoins, the current workhorse 24/7 collateral, have no yield. Enter FILQ. Combining the speed of crypto with the yield expectations of traditional finance, improving institutional cash performance for both.
The Fund has a Total Expense Ratio (TER) of 0.50% per annum, which is reflected in the daily Net Asset Value (NAV) and covers standard management and operating expenses. The TER excludes certain additional costs that may be borne by investors where applicable, including transaction costs, extraordinary expenses, and costs associated with out-of-market-hours liquidity arrangements.
Redemptions outside market hours may incur a fee of 0.02% of NAV per day. Investors transacting on blockchain networks may also incur gas (network) fees, which are variable, not included in the TER, and may fluctuate significantly depending on network conditions, potentially increasing transaction costs, delaying settlement, and reducing returns.
All charges and expenses will reduce the value of an investment, meaning investors may receive less than the amount invested, and costs may vary due to currency and exchange rate movements. Full details of fees and expenses are set out in the Prospectus.
Clients may invest in FILQ through an appointed distributor. In the UK, an appointed distributor will be soon available. Fidelity International continues to explore opportunities to extend distribution footprint in the UK; for further information, please contact your Fidelity International relationship manager.
Investors will be subject to standard checks, including KYC and AML, and their digital asset wallets must be approved and whitelisted before transacting, where access is available.
Once onboarding is complete, investors will be able to access a dedicated trading interface provided by the distributor, fund their whitelisted wallet with an accepted stablecoin, and submit subscription or redemption orders, where applicable.
The minimum initial investment in FILQ is US $100,000.
Subscription and redemption orders can be submitted 24/7 through the Fund’s appointed transfer agent or authorised onboarding channels, in jurisdictions where the service is available.
In the UK, this service will be soon available. Fidelity International continues to explore opportunities to extend distribution footprint in the UK; for further information, please contact your Fidelity International relationship manager.
Settlement will occur on a confirmed-funds basis with near-immediate execution during market hours and under normal market conditions. However, order processing will remain subject to liquidity and operational constraints, including scheduled maintenance periods. Processing is not available on Saturdays between 3:00 p.m. and 6:00 p.m. Eastern Standard Time due to scheduled system maintenance.
Settlement of eligible stablecoins will occur as soon as technically practicable, using the speed of the relevant distributed ledger technology. Investors will receive prompt settlement confirmation in their whitelisted digital wallet.
Redemptions outside market hours will be available through a credit facility or a repurchase agreement managed with multiple approved liquidity providers and may incur a redemption fee of 0.02% of NAV per day. If an investor requests to sell their shares outside market hours on Friday, it will be subject to a redemption fee of 0.06% of NAV. The total accessible liquidity will be limited by the capacity of these facilities and the participating liquidity providers. Temporary pauses may occur if large redemption requests deplete these facilities.
The fund operates a daily valuation process, with net asset value (NAV) calculated at a defined daily pricing point.
For accumulation share classes, yield accrues daily and compounds into the token’s NAV over time. For distribution share classes, yield accrues daily and is paid out to tokenholders as dividends.
NAV is calculated at 9:00 p.m. UK time and published at approximately 10:30 p.m. UK time.
At launch, fund tokens are issued using the ERC-20 standard on the Ethereum blockchain. ERC-20 is a widely used Ethereum standard that defines rules for creating tokens.
FILQ operates a permissioned token model. Only approved and whitelisted investor wallets may subscribe for, hold, or redeem fund tokens.
Access control is administered by the fund’s transfer agent, with onboarding supported by appointed distributors. The transfer agent maintains the official register of shareholders and retains oversight of access and controls.
Important disclosures
Price Deviation Risk: For redemption of Tokens, settlement will occur on-chain following determination of the Market Price NAV, as soon as technically practicable, subject to the speed of the relevant distributed ledger technology. In a Stressed Market Environment, issues and redemptions will be processed at Market Price NAV instead of Constant NAV, which may be higher or lower. Redemption proceeds may be delayed, and buy/sell orders after the valuation point will be processed on the next dealing day.
24/7 Dealing and Liquidity Risks: The Fund will generally accept subscription and redemption orders on a continuous 24/7 basis; however, orders may not always be processed immediately and may be subject to liquidity and operational constraints, including scheduled maintenance periods.
24/7 Dealing and Liquidity Framework
- The Fund will generally accept subscription and redemption orders on a continuous 24/7 basis; however, orders may not always be processed immediately and may be subject to liquidity and operational constraints, including scheduled maintenance periods.
- In-market hours are defined as 1:00 a.m. to 9:00 p.m. (London time), Monday to Friday. During this period, redemptions are primarily supported by normal portfolio liquidity and near instant settlement processes.
- Outside Market Hours are defined as 9:00 p.m. to 1:00 a.m. (London time), Monday to Friday, and all hours during weekends (from 9:00 p.m. Friday to 1:00 a.m. Monday). During these periods, the Fund does not have the ability to sell underlying investments.
- Outside Market Hours, redemption requests are supported by available liquidity facilities (including cash buffers, credit facilities and repurchase arrangements) and not by portfolio liquidation.
- J.P. Morgan Kinexys blockchain payment infrastructure is unavailable between 3:00 p.m. and 6:00 p.m. Eastern Standard Time on Saturdays (8:00 p.m. and 11:00 p.m. (London time)). During this period, subscription and redemption orders will be queued and processed as soon as the system becomes available.
- The availability and volume of out-of-hours liquidity are limited. Where redemption requests exceed available liquidity capacity, transactions may be deferred, queued, and processed on a first-come, first-served basis when liquidity becomes available or when market hours resume.
- Redemptions settled Outside Market Hours may be subject to a redemption fee of 0.02% of Net Asset Value per day (2 basis points per day).
- By way of illustration, a redemption instruction submitted on a Friday evening and settled over the weekend may incur a fee of up to 0.06% of Net Asset Value (6 basis points).
- The fee reflects the cost of liquidity provision and is applied for each day the transaction is settled outside normal market hours.
- In stressed market conditions or where liquidity management tools are activated, the Fund’s ability to operate on a 24/7 basis may be impacted, and dealing may revert to standard valuation and settlement cycles.
- Investors should note that 24/7 dealing does not guarantee immediate liquidity at all times and remains subject to the Fund’s liquidity management framework and prevailing market conditions.