Fidelity Investments is making a significant move in the cryptocurrency market by planning to launch its own stablecoin. The company is also actively involved in shaping the regulatory framework for digital assets in the U.S.
Fidelity's Plans to Launch a Stablecoin
Fidelity Investments plans to introduce a stablecoin fully backed by U.S. dollars and operating on a public blockchain. The company is in the advanced stages of testing its token, which will soon come to market.
Regulation and Support for the U.S. Dollar Stability
The U.S. is preparing its first regulatory framework for digital assets. President Donald Trump expressed hope for a comprehensive stablecoin bill to be passed before the August congressional recess. U.S. Treasury Secretary Scott Bessent stated that the government will support the use of stablecoins to maintain the dollar as the world's reserve currency.
Fidelity's Tokenized Treasury Fund
Fidelity has filed with the SEC to register a tokenized treasury fund, allowing the use of blockchains as a transfer agent which could revolutionize the financial services industry. The fund is currently using the Ethereum network, with plans to expand to other blockchains. The product is expected to be available by May 30, pending regulatory approval.
Fidelity Investments continues to advance in the digital assets field, not only planning to launch its own stablecoin but also aiming to leverage blockchain technology to transform the financial markets.
