Fidelity Investments is gearing up to launch its own stablecoin. The company aims for the token to function as digital cash. This move is part of Fidelity’s strategy to tap into the tokenized government bonds market. Stablecoins, cryptocurrencies pegged to assets like the U.S. dollar or gold, allow traders to maintain their fiat value without exiting the crypto market. The announcement follows Fidelity’s recent filing to register an “OnChain” share class of its Treasury Digital Fund (FYHXX). This fund, exclusive to Fidelity’s hedge fund and institutional clients, holds cash and U.S. Treasury securities. The new stablecoin could serve as the cash component in this fund. The stablecoin market is currently dominated by Tether’s USDT and Circle’s USDC, which together control 90% of the market.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
