Fidelity to Enter Stablecoin Market With Ethereum-Based 'Digital Dollar'

Fidelity Investments will expand its digital asset offerings with plans to launch its own U.S. dollar-pegged stablecoin, the Fidelity Digital Dollar (FIDD), the firm said in a press release.

The new token will be available to retail and institutional investors "in the coming weeks" and run on the Ethereum blockchain.

The stablecoin will be issued through Fidelity Digital Assets, the firm's crypto-focused subsidiary.

“As a leading asset manager and a digital assets pioneer, Fidelity is uniquely positioned to provide investors with on-chain utility via a digital dollar," said Mike O’Reilly, President of Fidelity Digital Assets.

Editor's note: This is a developing story and will be updated.