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<!-- Generated by Broadridge Transform (tm) - http://www.broadridge.com -->
<!-- Created: Fri Jun 05 17:17:02 UTC 2026 -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="frdf_C000276119Member_lbl" xml:lang="en-US">Fidelity Reserves Digital Fund</label>
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    <loc xlink:type="locator" xlink:label="frdf_InterestRateChangesMember" xlink:href="frdf-20251031.xsd#frdf_InterestRateChangesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="frdf_InterestRateChangesMember_lbl" xml:lang="en-US">Interest Rate Changes [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="frdf_IncomeRiskMember_lbl" xml:lang="en-US">Income Risk [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="frdf_IssuerSpecificChangesMember_lbl" xml:lang="en-US">Issuer-Specific Changes [Member]</label>
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    <loc xlink:type="locator" xlink:label="frdf_USTreasuryObligationsMember" xlink:href="frdf-20251031.xsd#frdf_USTreasuryObligationsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="frdf_USTreasuryObligationsMember_lbl" xml:lang="en-US">U.S. Treasury Obligations [Member]</label>
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    <loc xlink:type="locator" xlink:label="frdf_StablecoinIssuerReservesRiskMember" xlink:href="frdf-20251031.xsd#frdf_StablecoinIssuerReservesRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="frdf_StablecoinIssuerReservesRiskMember_lbl" xml:lang="en-US">Stablecoin Issuer Reserves Risk [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="frdf_C000276119Member_lbl0" xml:lang="en-US">C000276119 Member</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="frdf_S000105361Member_lbl0" xml:lang="en-US">S000105361 Member</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="frdf_IssuerSpecificChangesMember_lbl0" xml:lang="en-US">Issuer Specific Changes Member</label>
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