Fidelity's FIDD stablecoin has officially launched.

Fidelity Investments has officially launched its USD Peg stablecoin , Fidelity Digital Dollar (FIDD). Unlike many products exclusively for institutions, FIDD is open to both individual and institutional investors, following Fidelity's earlier statement that it would be "going live in the next few weeks."

FIDD is issued by Fidelity Digital Assets, National Association on Ethereum. Users can currently buy or exchange it directly with Fidelity at a 1:1 ratio (1 FIDD = 1 USD) on the Fidelity Digital Assets, Fidelity Crypto, and Fidelity Crypto for Wealth Managers platforms. Fidelity also stated that FIDD will be traded on external crypto exchanges outside of where the Token is listed, and holders can transfer FIDD to any address on the Ethereum mainnet. The reserve assets backing FIDD are managed by Fidelity Management & Research.

The launch comes amid a clearer legal framework for stablecoins in the US. The GENIUS Act, passed last summer, created a federal framework for stablecoins, significantly reducing legal ambiguity for traditional financial institutions wishing to issue them. Mike O'Reilly, President of Fidelity Digital Assets, noted that the GENIUS Act is a significant milestone because it sets a clear “regulatory barrier” for stablecoins used for payments.

Fidelity has been quietly researching stablecoins since last year, and this launch shows they are moving beyond crypto investment products, shifting towards issuing on-chain financial instruments. The company has also been building digital asset infrastructure (including custody) for years and was among the first traditional asset managers to provide access to bitcoin for institutional investors.

Fidelity's move also reflects the increasingly heated stablecoin race: payment companies, banks, and fintech firms are XEM stablecoins as a faster, cheaper option for transferring money compared to traditional systems, while also expanding into tokenized real-world assets and blockchain-based financial products. O'Reilly said Fidelity has long believed in the "game-changing" potential of the digital asset ecosystem and has spent years researching and promoting the benefits of stablecoins.