US EditionFidelity Investments' new digital dollar is a massive bet that the future of banking is on the blockchain
- On Wednesday, Fidelity Investments said it will launch the Fidelity Digital Dollar , issued by Fidelity Digital Assets, redeemable one-for-one for $1 on its platforms and major crypto exchanges in the coming weeks.
- Designed to meet growing client demand, Fidelity said the recently passed GENIUS Act provided a clearer framework that Mike O’Reilly called a key enabler for the launch of blockchain-based financial products.
- Managing the reserves, Fidelity Management & Research will back FIDD with cash, cash equivalents and short-term U.S. Treasuries, disclosing daily values and third-party attestations.
- Fidelity's entry puts it in direct competition with Circle and Tether in a market now worth over $308 billion, aiming to enable lower-cost, faster 24/7 settlement for institutional traders and retail users.
- Regulatory uncertainty persists as the Clarity Act's fate remains unclear, Fidelity Management & Research may manage other firms' stablecoins, and yield-sharing models challenge stablecoin issuers and incumbents.
26 Articles
26 Articles
Giant of traditional finance will offer encryption attracted to the US dollar for its customers
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Fidelity unveils FIDD; What the firm's first stablecoin means
Fidelity Investments is diving into the digital asset space with the launch of its first stablecoin, the Fidelity Digital Dollar (FIDD), which is set to be available to both retail and institutional investors in the coming weeks. Issued by Fidelity…
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