Key Takeaways:
Moody’s assigned an Aaa-mf assessment to Fidelity International’s USD Digital Liquidity Fund on May 13, 2026.The fund, managed by FIL Investments International, targets institutional investors with $34.5B in MMF AUM.The Ethereum-based tokenized fund plans to expand to ZKsync, with 24/7 redemptions subject to liquidity.The fund is structured as a segregated portfolio company domiciled in the Cayman Islands. FIL Investments International, a subsidiary of FIL Limited, serves as investment manager.
The fund’s weighted average maturity will stay below 60 days. At least 10% of assets must mature daily and 30% weekly. Overnight deposits will represent a significant portion of holdings, keeping exposure to market risk low.
FIL Limited carries a Baa1 Stable credit rating from Moody’s. As of December 2025, FIL Investments International managed $34.5 billion in money market fund assets under management.
Moody’s noted that modest shareholder concentration risk during the fund’s ramp-up period is expected to diminish as the fund grows and its investor base broadens.
The Aaa-mf designation is a money market fund assessment, distinct from a credit rating. Moody’s defines the designation as an opinion of investment quality for funds that principally invest in short-term fixed income obligations.
