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Fidelity Investments is set to launch its first stablecoin, the Fidelity Digital Dollar or FIDD. Retail and institutional investors alike will be accessible to access the Ethereum-native stablecoin in the coming weeks.
What's the Scoop?
- Dollar Issuer: According to a Wednesday press release, Fidelity's Digital Dollar will be issued by its burgeoning digital asset group. Cash management will be performed by Fidelity's established asset management division, which manages over $900B in total money market asset.
- Token Utility: FIDD will combine the benefits of a stable digital dollar with the utility of blockchain technology. Customers will be able to buy or sell FIDD for $1 on all Fidelity platforms (and other major exchanges where FIDD is listed). FIDD will also be transferable to
Ethereum mainnet addresses.
Fidelity Investments® to Expand Digital Asset Investment Lineup with Stablecoin Launch: Fidelity Digital Dollar (FIDD)
Fidelity® to Oversee Coin Issuance and Management of Reserves, Leaning on Asset Management Heritage and Digital Asset Expertise Eligible Customers Can Purchase or Redeem FIDD Tokens from Fidelity®…
Fidelity
