Fidelity has a new ambition: stablecoins.
What’s happening:
- Fidelity has officially launched their own stablecoin known as the Fidelity Digital Dollar
Why it matters:
- This is the first time ever that Fidelity has ventured into issuing their own stablecoin that is fully backed by the U.S. dollar
Going deeper:
- The Fidelity Digital Dollar is built on the Ethereum blockchain and is being rolled out on digital asset exchanges as well as on Fidelity’s own crypto platform for wealth managers
- Fidelity has publicly stated that the Fidelity Digital Dollar will be used for settlement and payments and that it is fully compliant with the GENIUS Act stablecoin policy in the United States
