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Fidelity 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.
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Giant of traditional finance will offer encryption attracted to the US dollar for its customers
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The asset management giant will launch a dollar-pegged stablecoin called Fidelity Digital Dollar (FIDD) in the coming weeks. Read more
Fidelity launching its own stablecoin, Tether loves gold
Wall Street firms push deeper into stablecoins as Fidelity prepares a dollar token on Ethereum, boosted by new U.S. rules and confidence in blockchain. The post Fidelity launching its own stablecoin, Tether loves gold appeared first on CoinGeek.
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Total News Sources36
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
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