Fidelity Investments is reportedly in the final stages of testing a US dollar-pegged stablecoin, signaling the firm’s latest push into digital assets amid a more favorable crypto regulatory climate under the Trump administration, writes Cointelegraph.
The $5.8 trillion asset manager plans to launch the stablecoin through its cryptocurrency division, Fidelity Digital Assets, according to a March 25 report by the Financial Times citing anonymous sources familiar with the matter.
The stablecoin development is reportedly part of the asset manager’s wider push into crypto-based services. Fidelity is also launching an Ethereum-based “OnChain” share class for its US dollar money market fund.
Fidelity’s March 21 filing with the US securities regulator stated the OnChain share class would help track transactions of the Fidelity Treasury Digital Fund (FYHXX), an $80 million fund consisting almost entirely of US Treasury bills.
While the OnChain share class filing is pending regulatory approval, it is expected to take effect on May 30, Fidelity said.
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