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.
- Fidelity Digital Assets’ FIDD aims to provide a stable, reliable alternative to volatile cryptocurrencies.
- FIDD combines the advantages of blockchain technology with the stability of fiat currency, the firm says.
Issued by Fidelity Digital Assets, FIDD aims to provide a stable, reliable alternative to volatile cryptocurrencies, backed by the security and trust of one of the most established names in asset management.
Mike O’Reilly, President of Fidelity Digital Assets, emphasized the company’s long-standing commitment to the potential of digital assets, stating, “We have spent years researching and advocating for the benefits of stablecoins.”
Backed by the U.S. dollar and adhering to Fidelity’s stringent operational standards, FIDD combines the advantages of blockchain technology with the stability of fiat currency, offering investors an institutional-grade digital dollar solution.
FIDD will be supported by Fidelity’s broad financial infrastructure, including reserve asset management by Fidelity Management & Research Company and purchase/redemption options via Fidelity Digital Assets and Fidelity Crypto platforms. It will also be available on major exchanges and can be transferred to any Ethereum (ETH) mainnet address.
With the global stablecoin market exceeding $316 billion, Fidelity’s entry marks a significant moment in the sector, especially with recent regulatory clarity, including the passage of the GENIUS Act.
“We’re thrilled to launch a fiat-backed stablecoin at a time of increasing regulatory clarity,” said O’Reilly, positioning FIDD as a key player in the evolving financial landscape.
Fidelity’s move reflects ongoing efforts by mainstream financial firms to weave digital asset solutions into their business segments.
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