Fidelity Digital Assets, which has created a stablecoin that it is testing actively, said a source who had direct knowledge about the issue. Decrypt.
Source: The source confirmed that the crypto-focused division of Fidelity Investments – a $5 trillion asset management company – does not have any plans at this time to launch the token.
The Financial Times first reported on the Boston-based firm's stablecoin experiment.
The firm's testing of its own stablecoin comes as it also explores the tokenized U.S. Treasury market. Fidelity has filed a request to launch a U.S.-dollar money market funds tokenized.
Stablecoins There are crypto-currencies that are linked to other assets. Most of these tokens are supported one-to-1 by U.S. Dollar reserves.
Fidelity's stablecoin experiment comes as several firms jockey to roll out dollar-backed tokens ahead of lawmakers' efforts to implement clearer rules for stablecoin issuers in the U.S.
World Liberty Financial announced on Tuesday that the project will be decentralized. Launch a stablecoin pegged to the dollar BitGo, a crypto-custodian company launched USD1 while it was still in beta. USDS stablecoin The month of January is a time for reflection.
This month the U.S. Senate Banking Committee Genius Act is greenlitThe bill is bipartisan and introduces new stablecoin regulations. It is expected that the bill will be approved by a larger number of senators.
At a New York crypto conference last week, President Trump called for simple rules that make sense for stablecoins. The tokens, he said, would “promote the dominance of U.S. dollar.” dollar.”
Stablecoins, introduced in 2014 and gaining popularity among cryptocurrency holders.
CoinGecko reports that stablecoins are worth more than $250 billion. shows. Tether’s offshore USDT dominates the market, followed by USD-backed tokens such as Circle's USDC, BitGo's USDS and Ethena USDe.
James Rubin is the editor
