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Fidelity Investments is launching its own stablecoin, joining a slew of companies across startups and financial institutions with similar intentions. The Fidelity Digital Dollar, or FIDD, will be issued by Fidelity Digital Assets, National Association, a national trust bank that received conditional approval to operate from the US Office of the Comptroller of the Currency in December.
“We believe stablecoins have the potential to serve as foundational payment and settlement instruments,” Mike O’Reilly, president of Fidelity Digital Assets, told Bloomberg in an interview. “Real-time settlement, 24/7, low-cost treasury management, are all meaningful benefits that stablecoins can bring to both our retail and our institutional clients.”
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