Fidelity has announced it is officially launching its own FIDD stablecoin.
The timeframe for this is yet to be fully confirmed, but expected to be finalised by end of Q1/start of Q2 and initially offered across its own platforms.
Subsequent stablecoin issuance and stablecoin reserves are also expected to be handled by the asset manager.
President of Digital Assets at Fidelity Mike O’Reilly expressed:
At Fidelity, we have a long-standing belief in the transformative power of the digital assets ecosystem and have spent years researching and advocating for the benefits of stablecoins.
An interesting thing to note here is that Fidelity chose to issue FIDD on Ethereum, a public blockchain attracting more and more corporate activity from stablecoin issuance to the tokenization of real world assets, including traditional commodities and securities.
Clients will be permitted to send to outside wallet addresses. Additionally, payouts from Fidelity accounts in the future may be conducted via the digital dollar to save on associated costs and settlement times across investment and pension products.
Over the last few years, Fidelity funds have shown a consistent performance across various industries and exposure types (large growth, technology, industrials, etc.).
