Fidelity has selected Ethereum as the blockchain for its first stablecoin, the Fidelity Digital Dollar (FIDD). This stablecoin will be issued by Fidelity Digital Assets, which is an OCC-chartered national trust bank.
The launch of FIDD represents Fidelity’s expansion into on-chain financial services. The firm serves over 50 million investors and oversees $17.9 trillion in assets under administration.
Fidelity processes approximately 5.5 million transactions daily, according to internal data. The decision to use Ethereum aligns with the growing trend of established financial institutions exploring blockchain technology.
The Fidelity Digital Dollar aims to enhance transaction efficiency and accessibility for its users. Further details about the stablecoin’s functionalities and launch timeline have not yet been disclosed.
