Fidelity Launches Dollar-Backed Cryptocurrency
Fidelity Investments, the asset management giant with a whopping $5.8 trillion under management, is gearing up to launch its own cryptocurrency pegged to the US dollar. According to a report from the Financial Times, the company is in the final stages of testing this new stablecoin through its crypto division, Fidelity Digital Assets.
This announcement comes at a time when the regulatory environment for crypto-assets in the United States has been increasingly favourable since the re-election of President Donald Trump in 2024. Indeed, the new term of the Trump administration marked a turning point in federal policy towards digital currencies, paving the way for more crypto-friendly initiatives.
Meanwhile, Fidelity is also stepping into the realm of tokenization. The company has filed an application with the SEC to list an Exchange-Traded Fund (ETF) based on Solana, the popular blockchain. This move could serve as a litmus test to assess the openness of the US regulator to ETFs backed by altcoin cryptocurrencies.
“This filing is more than just a product proposal – it’s a regulatory litmus test,” said Lingling Jiang, partner at DWF Labs. “If approved, it would indicate a more mature regulatory approach and pave the way for more compliant financial products involving blockchain assets.”
Rising Institutional Adoption of Stablecoin
Fidelity’s announcement comes amidst a backdrop of a growing institutional adoption of stablecoins. Concurrently, Custodia Bank and Vantage Bank have recently launched what they describe as the first stablecoin issued by a US bank deployed on a public blockchain (Ethereum).
According to a recent report, the number of active stablecoin wallets has increased by over 50% over the past year, growing from 19.6 million in February 2024 to 30 million in February 2025. This surge reflects the increasing adoption and engagement within the digital asset ecosystem.
“The rising institutional adoption, usage in payments, and integration in decentralized finance (DeFi) have played a key role in this growth of active stablecoin wallets,” the analysis highlights.
Thus, these factors have made the stablecoin a fundamental element of the digital economy, providing liquidity, stability, and accessibility to users worldwide.
