Theo Allocates $20M to Fidelity Tokenized Fund for Onchain Treasuries

Theo has moved $20 million from its thBILL product into Fidelity International’s USD Digital Liquidity Fund, known as FILQ. Swiss digital asset bank Sygnum executed the trade, marking the first investment in the fund by a crypto-native platform.

The allocation gives thBILL exposure to a fund rated Aaa-mf by Moody’s. FILQ will sit alongside ULTRA, a Treasury fund from Wellington Management that custodies at Standard Chartered. Together, they make thBILL one of the few onchain Treasury products backed by instruments from both Fidelity International and Wellington Management. For institutions, the structure offers access to familiar fixed-income managers through blockchain-based settlement and reporting rails.

Arijit Pingle, Theo’s co-CEO, said Fidelity’s fund provides the strongest institutional foundation yet for thBILL.

“This is the first time a crypto-native platform has accessed Fidelity International’s tokenized fund offering,” Pingle said. “The breadth of Fidelity International’s expertise across global fixed income makes this exactly the kind of institutional foundation our product was built for, accessible 24/7 onchain.”

Emma Pecenicic, head of digital assets distribution at Fidelity International, said tokenization is becoming a foundational shift in market operations.

“By combining long-standing investment expertise with digital-native infrastructure, we are helping to enable regulated, institutional-grade liquidity onchain for markets that operate around the clock, bringing new utility to onchain investors,” Pecenicic said.

Fidelity International serves about 2.9 million customers across more than 25 locations and manages roughly $1.06 trillion in total assets.

FILQ is built on Sygnum’s Desygnate platform, which handles smart-contract settlement and 24/7 subscriptions. Chainlink supplies the onchain data layer. Through the Chainlink Runtime Environment, FILQ’s net asset value and distribution data are brought onchain, with daily NAV data received and approved by JPMorgan. That data feed lets FILQ work inside thBILL and across other onchain workflows: treasury management, collateral, and reporting.

Theo’s other products include thGOLD and thUSD. The platform says it has processed more than $1 billion in cumulative trading volume across more than 80,000 users in over 60 countries.

Sygnum said the use of FILQ inside thBILL validates the bridge now forming between institutional-grade assets and blockchain markets. The move parallels broader interest in tokenized assets, such as the Bank of Korea's push for a unified ledger for tokenized bonds.

thBILL holders get round-the-clock access to Treasury-style liquidity through a structure that combines two of the world’s largest asset managers. Whether that liquidity holds during stress periods remains untested. The backing from Moody’s-rated funds and established custodians gives it a stronger foundation than most onchain Treasury products.