Fidelity Investments is launching its first stablecoin, the Fidelity Digital Dollar (FIDD), in early February, introducing a dollar-backed token designed for payments and settlement.
Issued by @Fidelity @DigitalAssets, FIDD will run on Ethereum and be backed by cash, cash equivalents, and short-term U.S. Treasuries, in line with the GENIUS Act’s requirements for payment stablecoins. Fidelity has said reserves will be disclosed daily and supported by third-party attestations.
“This is really just the next step in the evolution of our digital asset platform,” said Mike O’Reilly, president of Fidelity Digital Assets. “The ability to offer a fiat-backed stablecoin fits naturally into what our clients are asking for, especially around low-cost payments and settlement.”
