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Crypto

Fidelity launches FIDD stablecoin for retail and institutional investors

Fidelity Investments has launched a U.S. dollar-backed stablecoin, Fidelity Digital Dollar (FIDD), and opened it to retail and institutional investors. According to a recent report by The Block, Fidelity Digital Assets issues FIDD on the Ethereum network. Investors can buy and redeem it at $1 via Fidelity’s platform, trade it on listed external crypto exchanges, and send it to an Ethereum mainnet address. Fidelity Management & Research manages the reserve assets.

Crypto

Fidelity to enter stablecoin market, launch FIDD in February

Fidelity, which manages $6 trillion in assets, will issue the Fidelity Digital Dollar (Fidelity Digital Dollar, FIDD) in February and move into the stablecoin market, Cointelegraph reported on Jan. 28, citing Bloomberg. Cointelegraph said the move is a strategic push to extend the existing financial system using blockchain. Fidelity Digital Assets President Mike O\'Reilly said stablecoins will become central to real-time payments and settlement services.