Fidelity Investments Developing Own Stablecoin for Digital Cash Use
Fidelity Investments is developing its own stablecoin, aimed at functioning as digital cash. Key points include:
- The stablecoin will support Fidelity's strategy to enter the tokenized government bonds market.
- Stablecoins are pegged to real-world assets, allowing crypto traders to maintain fiat value.
- Fidelity recently filed paperwork for a blockchain-based version of its U.S. dollar money market fund.
- The stablecoin would serve as cash in Fidelity's Treasury Digital Fund, accessible only to institutional clients.
- This initiative enters a competitive market dominated by existing stablecoins like USDT and USDC.
- World Liberty Financial also announced plans for a new stablecoin.