Fidelity Investments, one of the largest asset managers on the planet, announced on Wednesday it will launch its own stablecoin. Like other stablecoins, Fidelity’s token—known as the Fidelity Digital Dollar or FIDD—will be fully backed by reserves to ensure it maintains a 1-to-1 peg to the dollar. The company said FIDD will be available from Fidelity and on exchanges in the coming weeks, and that it will be available to both institutional and retail clients.
The arrival of FIDD comes nearly a year after reports that Fidelity was testing a stablecoin, though at the time the company stated it had no plan to launch one. Fidelity could find it challenging to build traction for its new FIDD token. In announcing FIDD’s launch, O’Reilly touted the company’s longtime experience in digital assets as a competitive advantage.
Fidelity Investments has announced it will launch its own stablecoin, the Fidelity Digital Dollar or FIDD. Like other stablecoins, FIDD will be fully backed by reserves to ensure a 1-to-1 peg to the U.S. dollar. The token is expected to be available directly from Fidelity and on exchanges in the coming weeks, with access extended to both institutional and retail clients.
The move follows earlier testing and signals Fidelity’s intent to leverage its long-standing digital assets experience as a competitive advantage. This development comes as the stablecoin market grows more competitive and as regulators establish a framework for digital dollars under evolving U.S. policy, highlighted by the Genius Act.
Leave a Reply