FILQ-A Fidelity USD Digital Liquidity Fund: Explainer

FILQ-A is the accumulating share class of the Fidelity USD Digital Liquidity Fund, a tokenised money market fund run by Fidelity International. The fund aims to hold a diversified set of short-term instruments, with the stated goals of keeping capital value stable, keeping it liquid, and producing a return in line with money market rates. The fund is described as a regulated structure, and each FILQ-A token represents a share in that fund rather than a coin used for payments or trading. The "Acc" label points to a share class that keeps income inside the fund instead of paying it out, so the value of each share is expected to reflect accumulated returns over time. A separate distributing class, FILQ-D, exists for investors who want income paid out. Readers should check the fund documents for the exact fee and income terms of each class, since the public material we reviewed does not give a complete breakdown for FILQ-A.

FILQ-A is used as a way to hold exposure to a regulated, dollar-denominated money market fund in tokenised form. The fund's material says tokens can be moved on supported public blockchains, which is the main practical difference from holding a traditional fund share through a brokerage or fund platform. Public reports from May 2026 describe the fund as offering on-chain access that operates around the clock, with net asset value published on chain. Those reports frame the product as a tool for institutional and eligible investors who want short-term dollar yield with blockchain-based settlement. The public material does not describe FILQ-A as a means of payment, a governance tool, or a token that earns rewards from a protocol. Anyone considering it should read the offering terms, confirm eligibility, and understand that holding the token is a claim on the fund rather than a direct claim on any single bond or bank deposit.

As of 2026-11-05, the data we used shows a price of about 101.71 US dollars per token, a market capitalisation of about 25.6 million US dollars, and a market cap rank of 719. The reported circulating and total supply are both about 251,633 tokens, and no maximum supply is listed. Price history in the data is narrow: the recorded all-time low was about 100.71 dollars on 2026-07-23, and the recorded high was about 101.71 dollars on 2026-11-04. The seven-day change is listed as a small positive figure, and no one-year change is available. Trading volume over 24 hours is not reported. One search result gives a much larger supply figure of one billion tokens, which conflicts with the supply data above, so the on-chain supply should be checked directly before relying on any market size estimate. These figures change, and this page does not offer a view on future price.

The data lists Ethereum as the only chain where FILQ-A is currently issued, and it is not described as a native token of any blockchain. The fund material says FILQ tokens are issued on supported public blockchains and that NAV is published on chain across all supported chains at the same time. The NAV is calculated once a day and reported using an independent oracle provider. Public announcements from May 2026 name Chainlink as the oracle infrastructure behind the on-chain NAV. Because the token relies on a separate oracle and an issuer-controlled fund structure, its on-chain price data is only as current as the daily NAV publication process. Readers should treat the Ethereum contract address as the reference point and confirm it against the issuer's own published information before interacting with any wallet or platform.

The main risks with FILQ-A come from its structure rather than from typical token volatility. The fund is not available to U.S. persons, or to persons in any jurisdiction where access or distribution would be contrary to law, so eligibility rules apply. Its value depends on the fund's underlying short-term instruments, on the manager's execution, and on the daily NAV process, which means a delayed or wrong NAV could affect the reported price. Liquidity in secondary markets may be thin given the small reported market size, so selling quickly may not be possible at a fair price. Holding the token also depends on the security of the wallet used and on the continued operation of the fund and its service providers. Smart contract and custody arrangements carry their own risks. Store tokens only in wallets you control, verify contract addresses from the issuer, and read the offering documents before deciding whether any of this suits your situation.