Fidelity Investments has launched a U.S. dollar-based 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. It can be bought and redeemed at $1 through the Fidelity platform. It can also be traded on listed external crypto exchanges and sent to an Ethereum mainnet address. Fidelity Management & Research manages the reserve assets.
The passage of the GENIUS bill has made it possible for traditional financial institutions to issue stablecoins, and Fidelity has been preparing for this since last year. Mike O'Reilly (마이크 오렐리), president of Fidelity Digital Assets, said, "The passage of the GENIUS bill was an important milestone that provided clear regulatory guidance for the industry."
Chi-kyu Hwang
delight@d-today.co.kr