This traditional investment company is experimenting with a stablecoin - a cryptocurrency designed to maintain value in sync with fiat currencies like the US dollar. Meanwhile, former US President Donald Trump is pushing for more crypto-friendly policies in Washington, marking a significant departure from the previous government's stance. Trump specifically urged Congress to pass stablecoin-related legislation before August to provide a clear regulatory framework for the industry.

However, Fidelity denied a related report by the Financial Times. The media previously reported that the Boston-based company "plans to launch" its own stablecoin product, stating that the token is "intended to serve as cash in the cryptocurrency market". A Fidelity spokesperson said it is too early to discuss the potential uses of any hypothetical stablecoin the company is researching.

The cryptocurrency regulatory clarity promoted during the Trump administration has also prompted other financial services companies to explore the stablecoin field. Earlier this week, Trump's decentralized financial platform **World Liberty Financial (WLFI)** announced plans to launch a USD-backed stablecoin called USD1. WLFI co-founder Zach Witkoff stated on Tuesday that the USD1 stablecoin is intended for "seamless, secure cross-border transactions".

Fidelity has been involved in the cryptocurrency field since 2014, when the company first began mining Bitcoin. According to its website, it is also one of the first asset management companies approved to list a Bitcoin ETF on the stock market, which was launched in early last year.

Additionally, Fidelity has joined the growing list of financial services companies seeking to digitize traditional assets like stocks and bonds using blockchain technology. Earlier this week, the company submitted an application to the SEC to register a blockchain-based digital version of a US dollar money market fund - a type of mutual fund that invests in low-risk, short-term debt securities.