Fidelity Eyes Stablecoin Launch

Fidelity Investments is gearing up to launch its own stablecoin, marking a deeper dive into cryptocurrencies.

The asset manager is in the advanced testing phase for this token. By doing so, Fidelity will join the stablecoin market alongside competitors like Ripple’s RLUSD and Tether’s USDT.

Additionally, Fidelity recently filed to launch a digital version of a US money market fund by the end of May, positioning itself against asset managers like BlackRock and Franklin Templeton.

The planned stablecoin will be fully backed 1:1 with US dollars and issued on a public blockchain, moving closer to the concept of tokenized bonds.

As the US prepares its first regulatory framework for digital assets, Fidelity’s efforts are well underway, with the launch expected soon.