JUST IN: $6 trillion asset manager Fidelity to launch its own crypto stablecoin.

Fidelity, a major asset management firm with approximately $6 trillion in assets under management, has announced plans to launch its own crypto stablecoin. This initiative marks a notable advancement in the adoption of digital currencies, as Fidelity seeks to expand its presence in the cryptocurrency market. The launch is seen as a significant step towards mainstream acceptance of crypto assets, reflecting the growing interest from institutional investors in digital currency.

Like other stablecoins, Fidelity’s token known as the Fidelity Digital Dollar or FIDD will be fully backed by reserves to ensure it maintains a 1-to-1 peg to the dollar. The company said FIDD will be available from Fidelity and on exchanges in the coming weeks, and that it will be available to both institutional and retail clients.