Fidelity Investments is reportedly poised to launch a stablecoin pegged to the US dollar, marking the firm's continued expansion into digital assets amid a more favorable regulatory environment for cryptocurrencies under the Trump administration.
According to a March 25 report in the Financial Times, the $5.8 trillion asset manager plans to introduce the stablecoin through its division, Fidelity Digital Assets, based on information from anonymous sources.
This initiative is part of Fidelity's broader efforts to improve its cryptocurrency-based services. The company also plans to launch an Ethereum-based "OnChain" share class for its US dollar money market fund.
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According to a March 21 filing with the US securities regulator, this share class is intended to make it easier to track transactions in the Fidelity Treasury Digital Fund (FYHXX), an $80 million fund invested primarily in US Treasury bills.