Fidelity International has joined JPMorgan's Tokenized Collateral Network (TCN) to partner with Onyx Digital Assets to tokenize shares in money market funds (MMFs). Fidelity International, which also has a long history in digital assets and partnered with Swiss bank Sygnum on a tokenization project as early as 2019, said the move meant improving efficiency in meeting margin requirements and reducing transaction costs and operational risks. JPMorgan's TCN began with the tokenization of money market equities, a mutual fund that invests in high-quality short-term debt instruments and cash equivalents. The bank said it plans to expand into equities, fixed income and a range of asset classes.