Key facts
- Fidelity Investments has launched its first stablecoin, the Fidelity Digital Dollar (FIDD).
- The Fidelity Digital Dollar (FIDD) is backed by cash and U.S. Treasuries.
- Fidelity joins other major Wall Street players in the stablecoin reserve management market.
- Trace Finance has raised $32 million in a Series A funding round.
- CoinFund led the Series A funding round for Trace Finance.
- Trace Finance plans to use the funds to expand into Latin America, the U.S., and the Asia-Pacific region.
- Trace Finance is a stablecoin payments infrastructure firm.
Fidelity Investments has launched its inaugural stablecoin, named the Fidelity Digital Dollar (FIDD). This new digital asset is backed by a combination of cash reserves and U.S. Treasuries, aligning Fidelity with other significant Wall Street entities that are actively participating in the stablecoin reserve management market. The introduction of FIDD signifies Fidelity's strategic entry into the expanding digital currency landscape.