Fidelity Testing Its Own Stablecoin
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Fidelity Digital Assets, the crypto-focused arm of the $5 trillion asset manager Fidelity Investments, is actively testing a stablecoin it has developed. The source with direct knowledge of the matter told Decrypt that the firm does not yet have plans to bring the token to market. The Financial Times first reported on the Boston-based firm’s stablecoin experiment. Fidelity’s testing of its own stablecoin comes as it also explores the tokenized U.S. Treasury market. A few days ago, Fidelity filed to roll out a tokenized version of its U.S. dollar money market fund. Stablecoins are cryptocurrencies that are pegged to another asset, often backed one-to-one by U.S. dollar reserves.
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