Fidelity Enters the Stablecoin Race With an Ethereum-Based Digital Dollar - Unchained

One of Wall Street’s biggest players is making its move into onchain money.

Fidelity Investments is preparing to launch its own U.S. dollar–backed stablecoin, the Fidelity Digital Dollar (FIDD), in the coming weeks. The token will run on Ethereum and be issued through Fidelity Digital Assets, with reserves held in cash, cash equivalents, and short-term U.S. Treasuries.

This story is an excerpt from the Unchained Daily newsletter.

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The launch follows the passage of the GENIUS Act, which gave stablecoin issuers a clear regulatory framework in the U.S. Fidelity says that clarity made this the right moment to bring a product to market. FIDD is designed for 24/7 settlement, onchain payments, and institutional transfers, and will be available to both retail and institutional clients.

The significance of the move wasn’t lost on observers. As NovaDius Wealth Management President Nate Geraci put it: “Fidelity Digital Dollar. Riding on Ethereum. If you don’t see where this is all heading, not sure what to tell you at this point.”

Fidelity is entering a crowded market dominated by USDC and USDT, but its arrival reinforces a broader shift. Stablecoins are no longer just a crypto-native product. They are becoming core financial infrastructure, and traditional asset managers now want a seat at the table.