Fidelity Investments Set to Launch Its Own Digital Dollar
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Fidelity Investments Set to Launch Its Own Digital Dollar

Fidelity Investments is on the verge of launching a stablecoin designed to act as digital cash within its U.S. dollar money market fund

What You Need to Know:

  • Fidelity Investments is at an advanced stage in creating its own stablecoin.
  • This token is expected to function as a form of digital cash.
  • The development was announced following Fidelity’s filing to register a blockchain-based version of its U.S. dollar money market fund.

Fidelity Investments is progressing towards the launch of its stablecoin, as reported by the Financial Times. The financial services company from Boston intends for this token to act as digital cash, according to reliable sources.

This stablecoin would be part of Fidelity’s strategy to enter the tokenized government bonds market. Stablecoins are a type of cryptocurrency whose value is linked to a real-world asset, like the U.S. dollar or gold. They offer a simple way for cryptocurrency traders to maintain their fiat value without withdrawing from the market.

The announcement comes shortly after Fidelity submitted paperwork to register an on-chain version of its U.S. dollar money market fund designed for its hedge fund and institutional clients. A stablecoin from Fidelity could effectively serve as cash within this fund.

Entering a competitive market already featuring major players like Tether’s USDT and Circle’s USDC, Fidelity’s stablecoin plans also coincide with similar announcements from other firms, such as World Liberty Financial, backed by President Donald Trump, which recently announced its own stablecoin plans.

Fidelity has not yet provided additional comments regarding this initiative.

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