Fidelity to Launch Stablecoin, Joining Tokenized Treasuries Market Amid Trump's Support

Fidelity Investments, managing assets worth approximately $6 trillion, is preparing to launch its own cryptocurrency stablecoin. The stablecoin is currently in advanced stages of testing, managed by the company's digital assets arm, according to reports from the Financial Times.

The stablecoin is designed to serve as digital cash within Fidelity's blockchain-based fund, specifically linked to its money market fund. This move is part of Fidelity's broader strategy to expand into the digital assets market, including plans to launch a tokenized version of its U.S. dollar money market fund.

The launch comes amidst a supportive environment for stablecoins, with President Donald Trump pledging to promote the growth of dollar-backed stablecoins. Additionally, World Liberty Financial, a project backed by Trump, has also announced plans to launch its own stablecoin. Fidelity's initiative is part of a competitive landscape, with rivals like BlackRock and Franklin Templeton also entering the market for tokenized U.S. Treasuries.

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