On March 26, Financial Times cited a close source that Fidelity Investments - one of the largest fund management companies in Boston - is entering the final testing phase for a new stablecoin. This digital currency is designed to function like cash in the cryptocurrency ecosystem, facilitating digital asset transactions more conveniently. Fidelity's digital asset division will be responsible for managing and operating this stablecoin.
Fidelity's launch of a stablecoin is part of its strategy to expand into the crypto asset field, particularly tokenized versions of US Treasury Bonds. The company is seeking to leverage blockchain technology to provide safer and more efficient digital investment products.
Additionally, last week, Fidelity filed for a license to launch a digital money market fund by the end of May. This product will provide investors with a new option to access digital monetary assets, while directly competing with traditional investment funds from major competitors like BlackRock and Franklin Templeton.
With this move, Fidelity continues to consolidate its position in the digital financial sector, while reflecting the increasingly growing trend of large financial institutions applying blockchain technology and expanding their crypto asset ecosystem.
