Fidelity Investments Set to Unveil Own Stablecoin: FT

Fidelity Investments Set to Unveil Its Own Stablecoin: FT

Fidelity's stablecoin could replace cash in a blockchain version of a US money market fund.

Jamie Crowley | Edited by Sheldon Rebeck on March 26, 2025, 9:43 UTC

What you need to know:

• Fidelity Investments is in the final stages of developing its own stablecoin.
• The organization intends to use the token as a means of digital money.
• The information was released after Fidelity filed paperwork to register a blockchain version of its US dollar money market.

Fidelity Investments is finalizing its own stablecoin, the Financial Times reported on Wednesday.

The Boston-based financial corporation plans to use the token as a digital currency, according to a report citing two people familiar with the matter.

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The token will be part of the company’s strategic plan to enter the tokenized government bond market. Stablecoins are cryptocurrencies whose value is fixed to a real asset, such as the US dollar or gold. They provide crypto traders with a convenient way to preserve their fiat value without having to withdraw cash from the market.

The news comes just days after Fidelity filed paperwork to register a blockchain version of its U.S. dollar money market.

The company is seeking to list an “OnChain” share class for its Treasury Digital Fund (FYHXX), which includes cash and U.S. Treasury bonds and is only available to Fidelity hedge funds and institutional clients. Fidelity's stablecoin could function as cash in the fund.

The stablecoin will enter an already crowded market dominated by cryptocurrencies like Tether's USDT and Circle's USDC. The report comes a day after World Liberty Financial (WLFI), a decentralized finance protocol backed by President Donald Trump, confirmed that it also has plans to launch a stablecoin.

Fidelity representatives did not immediately respond to CoinDesk's request for additional comment.

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