Fidelity to launch own Stablecoin

So, is it me or has the Stablecoin arena become very crowded over the past 12-18 months?

Last week Fidelity announced they were going to launch own Stablecoin.  Yes, that Fidelity! The titans of the traditional finance space and the group that already has over $16T Assets Under Management (AUM).

Fidelity picked ETH platform to build and release their Stablecoin upon.  Answering my own question, recent crypto research shows that 59 launched last year alone.   So is pushing for their release even with existing competition and a massive Crypto sell pattern.  The overall value of the Stablecoin market is roughly $300Billion 

Fidelity has been hard at work in the Digital Asset realm since 2014. And subsequently servicing clients in the Digital realm since 2019.  Fidelity has named there coin Fidelity Digital Dollar (FIDD).  The token will be available for Institutional and Retail investors. You can learn more about it on their website .  

Disclaimer - I have no affiliation with Fidelity or any of its partners, I am just reporting on their Stablecoin release.

External Auditor for Asset review has been assigned to PricewaterhouseCoopers LLP

The reserves will be audited monthly and follow USA GENIUS Act’s reserve rules!

Seeking Developer info for FIDD check out those resources here

Summary

Fidelity selected ETH to release their Stablecoin FIDD while in the process of a very steep Crypto selloff.   Perhaps that is the beauty of a Stablecoin release, unleash it during a volatile period and have the stability do its magic.  Time will tell how FIDD holds up against USDC and USDT!

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