Fidelity International USD Digital Liquidity Fund (FILQ-A, FILQ-D)

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

FILQ shares the Fidelity name with FDIT and nothing else. It comes from Fidelity International, a separate company from the U.S. Fidelity group, and it is a different kind of fund: USD Digital Liquidity Fund SP, a segregated portfolio of Fidelity International Strategies Funds SPC, a Cayman Islands fund regulated by the Cayman Islands Monetary Authority and managed from Luxembourg. It launched in May 2026 on Ethereum through Sygnum’s tokenization platform, with Apex Group as transfer agent and J.P. Morgan as custodian. There are two classes: FILQ-A adds its income to the token’s price; FILQ-D holds a constant price and pays dividends. What is new is the clock. FILQ takes orders at any hour, in USDC, PYUSD, RLUSD, or Fidelity’s own FIDD, which it swaps to dollars. In London market hours a redemption settles almost at once. Outside them the fund does not sell assets; it pays from cash buffers, credit lines, and repo, may charge 2 basis points a day, and may queue requests when those run out. In a stressed market it drops the constant price and deals at market NAV. For a US adviser it is out of reach: Fidelity International markets it “for professional investors only,” through appointed distributors, at US $100,000. The research stays unresolved because the prospectus, which both tokens name on chain, cannot be read by automated tools, so its U.S.-person rule and its freeze and forced-transfer terms are unquoted.

Research triggers: events that reopen the assessment or shelf decision
• The prospectus becomes readable, or Fidelity International states whether U.S. persons may hold and what freeze and forced-transfer powers it has
• Fidelity International opens a U.S. distribution channel
• The fund queues redemptions or deals at market NAV
• Either token’s implementation or permission manager changes

The research file

What the holder owns

A share of a segregated portfolio. A Cayman segregated portfolio company keeps each portfolio’s assets and debts apart from the others by law, so FILQ’s holders have no claim on, and no exposure to, other portfolios of the same company. The fund is registered with CIMA under the Mutual Funds Act, managed by FIL Investment Management (Luxembourg), rated Aaa-mf by Moody’s, and charges 0.50 percent a year in total. The transfer agent “maintains the official register of shareholders,” so the chain is a copy of that register, not the register itself.

How the 24-hour exit works

A money market fund can pay out at once only if it holds cash or can borrow. FILQ defines market hours as 1:00 a.m. to 9:00 p.m. London time, Monday to Friday. Inside them it deals on confirmed funds and settles “near-immediate.” Outside them it pays redemptions from “available liquidity facilities (including cash buffers, credit facilities and repurchase arrangements) and not by portfolio liquidation,” and may charge 0.02 percent of NAV for each day the fund carries the cost. When requests exceed those facilities, they wait in a queue until liquidity returns or markets reopen. Processing stops each Saturday from 3:00 to 6:00 p.m. Eastern for maintenance. The NAV is struck at 9:00 p.m. London. In a stressed market, FILQ-D stops dealing at its constant price and uses market NAV, which may be lower. So the weekend exit is real but has a size limit the fund does not publish.

Who may hold

Professional investors, through an appointed distributor, after know-your-customer and anti-money-laundering checks and wallet approval, with US $100,000 to open. The landing page says a UK distributor is “soon available.” It says nothing about U.S. persons; a secondary data site says the fund is not open to them, and the prospectus that would settle it refuses automated reads. The file takes the stricter reading.

Who controls the tokens

Both classes are UUPS proxies over one Sygnum implementation, SygToken. The reader found a permission manager, a blacklist, a pause, a burn that can reach a holder’s balance, a role-gated mint, and an upgrade function; the verified code also has forcedTransfer and recoverFunds. The reader did not resolve who holds these roles. Fidelity International’s pages describe access control run by the transfer agent but do not describe freezing or forced transfer.

Size and comparison

On 23 September 2026 FILQ-A had 252,517 tokens at $101.28, about $25.6 million, across three holders, and FILQ-D about $0.2 million across two. Against Sygnum’s FIUSD, which wraps a Fidelity International Irish fund in a Swiss bank’s claim, FILQ is the fund itself. Against FDIT, it is offshore, sold to professionals, and dealt around the clock. None of it is reachable for a U.S. household on the terms published.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Fidelity International: FILQ landing page (Wayback Machine copy, 19 September 2026) · primary · accessed 2026-09-23
  Supports: Cayman SPC, CIMA, Luxembourg manager, professional investors only, US $100,000, transfer agent register, stablecoin dealing, market hours, liquidity facilities, 2 bp per day fee, queue, stressed-market NAV, NAV at 9 p.m., TER 0.50%, Saturday maintenance
• Apex Group: transfer agency for FILQ · primary · accessed 2026-09-23
  Supports: Apex transfer agent
• Maples Group: advises on Fidelity International’s first tokenised liquidity fund · primary · accessed 2026-09-23
  Supports: Aaa-mf, CIMA registered, European AIFM
• Fidelity International Strategies Funds SPC prospectus (named by getTokenURI(); refuses automated reads) · primary · accessed 2026-09-23
  Supports: prospectus not readable
• Ledger Insights: Fidelity International issues tokenized MMF with Sygnum · secondary · accessed 2026-09-23
  Supports: May 2026 launch, Desygnate, separate from FIUSD
• Etherscan: FILQ-A token · secondary · accessed 2026-09-23
  Supports: supply, holders

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.