Fidelity Investments, managing $5 trillion in assets, is in the final stages of testing its stablecoin for use in cryptocurrency markets. This move is part of Fidelity's expansion in digital assets.
Expansion into Digital Assets
Fidelity is actively enhancing its position in the digital asset market. Recently, the company submitted an application to the U.S. Securities and Exchange Commission to register a new 'OnChain' share class in its Fidelity Treasury Digital Fund, paving the way for tokenization of traditional assets.
Stablecoin Use Format
It remains unclear whether the stablecoin will be available to retail investors or restricted to institutional ones. No official statement has been made by Fidelity regarding this.
Support for Asset Tokenization
The existing trend among financial institutions includes using blockchain platforms to improve transaction efficiency with traditional assets such as government bonds. Franklin Templeton and BlackRock have already taken steps in this direction by launching their own tokenized funds.
Fidelity joins the asset tokenization trend, highlighting the growing trust in blockchain technologies. Ongoing stablecoin testing underscores the company's ambitions in the digital space.
