Sygnum FIUSD (Fidelity Institutional Liquidity Fund, US Dollar Fund, Class G Acc)

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.

FIUSD is a Swiss bank’s promise, not a fund share. Sygnum Bank AG buys Class G Acc units of Fidelity Institutional Liquidity Fund plc, The United States Dollar Fund, an Irish UCITS money market fund, holds them in its own name, and issues one token per unit as a ledger-based security under Swiss law. The holder has “the right to demand the delivery” of the units; Sygnum is the fund’s shareholder of record. Sygnum holds the units as a fiduciary under article 16 of the Swiss Banking Act, which keeps them out of its estate if it fails. It started in March 2024 as a $50 million treasury position for Matter Labs on zkSync Era, and a $5 million Arbitrum DAO allocation followed in 2025. Today it is smaller than CoinGecko says: the zkSync contract holds 1,604.15 tokens, which at Fidelity’s NAV of $12,033.69 is about $19.3 million, and matches Fidelity’s 1,604.66 Class G Acc units in issue. The Arbitrum contract is empty. For a US adviser it is out of reach: Sygnum opens transfers only to professional investors it has onboarded under Swiss law. The research stays unresolved because Sygnum publishes no product terms beyond its Arbitrum application, and nothing public says whether U.S. persons may hold. On zkSync a 3-of-6 multisig can upgrade the token, one key can mint, and the code can freeze, pause, and confiscate.

Research triggers: events that reopen the assessment or shelf decision
• Sygnum publishes product terms stating who may hold, whether U.S. persons are barred, and when it may freeze or confiscate
• On-chain supply stops matching Fidelity’s Class G Acc units in issue
• The zkSync proxy admin or implementation changes, or supply returns to the Arbitrum contract
• Sygnum’s fiduciary holding or FINMA status changes

The research file

What the holder owns

Two claims stacked. The first is on Sygnum: a ledger-based security under articles 973d and following of the Swiss Code of Obligations, a form of right that exists in and moves only through the ledger that records it. The second is Sygnum’s own holding of fund units, which J.P. Morgan Administration Services (Ireland) records in the fund’s register. The fund is an Irish UCITS authorized by the Central Bank of Ireland, run as a low-volatility NAV money market fund under EU rules, rated AAAm and Aaa-mf; Class G Acc (ISIN IE00BNKLND78) adds its income to the unit price. Sygnum says the token has “no direct product supervisory body”; FINMA supervises Sygnum as a bank. Shareholder rights in the fund sit with Sygnum as the registered holder, and nothing published says how a token holder would vote.

How money moves

A holder deposits dollars, other fiat, or crypto at Sygnum and places a subscription; Sygnum converts to dollars, buys units through J.P. Morgan, and mints one token per unit. To exit, the holder asks Sygnum, which burns the tokens, sells the units, and credits the proceeds to the holder’s Sygnum account. The fund settles the same day and has several dealing cutoffs. Sygnum charges 0.20 percent to subscribe and 0.40 percent to redeem, on top of the fund’s 0.25 percent a year; a $1 million round trip costs $6,000 before a day of yield. For the Arbitrum allocation Sygnum described a lending facility that raised round-the-clock redemption to about $25 million outside Swiss banking hours. Transfers run only between custodial wallets Sygnum has whitelisted, so there is no market outside Sygnum.

Who controls the token

The zkSync token is a proxy over SygnumTokenLatest, verified on the zkSync explorer. The reader found a whitelist contract, a freeze, a pause, a confiscate function that moves tokens between addresses, and a role-gated mint. The proxy admin is a Gnosis Safe with 3 of 6 signers, and the issuer address, one key, holds the mint. On Arbitrum the proxy admin is a single key. Sygnum says only that its contracts “include functions that allow specific users to make necessary corrections in a fully auditable manner.” The documents do not say when Sygnum may freeze or confiscate.

Record and comparison

Two and a half years without a reported loss, suspension, or dispute. Supply has fallen from $47.5 million in March 2025 to about $19.3 million, held by three wallets. Against Fidelity International’s own FILQ, launched in May 2026, FIUSD adds a bank between the holder and the fund and leans on a lending facility for exits outside banking hours, but it rests on a larger, older Irish fund. Against U.S. registered money funds on chain, it is a claim on a Swiss bank, sold to Swiss professional clients. For a U.S. household none of it is reachable.

Sources

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

• Sygnum Bank AG: FIUSD STEP 2 application to the Arbitrum DAO, 20 March 2025 (Wayback Machine copy) · primary · accessed 2026-09-23
  Supports: ledger-based security, claim to delivery of units, fiduciary holding, one token per unit, no product supervisor, professional investors onboarded, whitelisted custodial wallets, subscription and redemption flow, fees, same-day fund settlement, out-of-hours facility, corrections, counterparties, March 2025 holdings
• PR Newswire: Sygnum tokenises Matter Labs treasury reserves in USD 6.9bn Fidelity MMF (19 March 2024) · primary · accessed 2026-09-23
  Supports: launch, USD 50 million, ZKsync Era
• Sygnum: tokenization page (Wayback Machine copy, 16 April 2026) · primary · accessed 2026-09-23
  Supports: traditional security token
• Fidelity International: USD LVNAV fund daily prices (read for 22 September 2026) · primary · accessed 2026-09-23
  Supports: NAV 12,033.69, 1,604.66 units, ISIN
• ZKsync explorer: verified SygnumTokenLatest implementation · secondary · accessed 2026-09-23
  Supports: confiscate, freeze, pause, mint
• Ledger Insights: Fidelity International issues tokenized MMF with Sygnum · secondary · accessed 2026-09-23
  Supports: FIUSD separate from FILQ
• CoinGecko: Sygnum FIUSD Liquidity Fund · secondary · accessed 2026-09-23
  Supports: stale market capitalization

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.