$5,000,000,000,000 Asset Manager Fidelity To Launch a USD-Pegged Stablecoin: Report
The asset management titan Fidelity Investments reportedly plans to roll out its own dollar-backed stablecoin. Citing two people familiar with the matter, the Financial Times reports that the Boston-based firm with $5 trillion in assets under management (AUM) is now in the advanced stages of testing the crypto asset. Fidelity’s digital assets arm will manage the stablecoin, which is designed to function as cash in cryptocurrency markets. The report says the company is launching the stablecoin as part of its expansion into the nascent market for tokenized versions of US Treasury bonds. Last week, the asset manager also submitted a filing to the U.S. Securities and Exchange Commission (SEC) to register a blockchain-based version of the Fidelity Treasury Digital Fund. The development comes amid Donald Trump’s support for dollar-backed stablecoins. The president has pledged to promote stablecoin growth to strengthen the dominance of the US dollar and urged Congress ...