Fidelity is launching a stablecoin that investors will be able to buy and sell for $1 when it arrives in the “coming weeks.” The stablecoin, called Fidelity Digital Dollar (FIDD), will live on the Ethereum network and is backed by cash reserves, cash equivalents, and short-term US Treasuries, according to CoinDesk.
A stablecoin is a type of cryptocurrency that’s typically pegged to an asset, like the US dollar. More companies and financial institutions have started launching stablecoins of their own after President Donald Trump signed the GENIUS Act last July, which lays out a framework for the digital currency. In addition to introducing a …
Read the full story at The Verge.
Original Source: https://www.theverge.com/news/870066/fidelity-stablecoin-fidd-ethereum
Original Source: https://www.theverge.com/news/870066/fidelity-stablecoin-fidd-ethereum
Disclaimer: This article is a reblogged/syndicated piece from a third-party news source. Content is provided for informational purposes only. For the most up-to-date and complete information, please visit the original source. Digital Ground Media does not claim ownership of third-party content and is not responsible for its accuracy or completeness.
