Source: Cointelegraph Original: "{title}"
According to reports, Fidelity Investments is testing a stablecoin pegged to the US dollar and has entered the final stages, marking the company's further push into its digital asset business amid an increasingly favorable crypto regulatory environment under the Trump administration.
As reported by the Financial Times on March 25, citing anonymous sources familiar with the matter, the $5.8 trillion asset management company plans to launch the stablecoin through its cryptocurrency division, Fidelity Digital Assets.
The development of the stablecoin is part of the asset management company's broader push for crypto-based services. Fidelity has also launched an Ethereum-based "OnChain" stock class for its US dollar money market fund.
In a filing submitted to US securities regulators on March 21, Fidelity stated that the OnChain stock class would help track transactions of the Fidelity Treasury Digital Fund (FYHXX), which is almost entirely composed of US Treasury securities, with a size of $80 million.
While the application for the OnChain stock class is still awaiting regulatory approval, Fidelity indicated that the stock class is expected to take effect on May 30.
Fidelity applied to register a tokenized version of the Fidelity Treasury Digital Fund. Source: US Securities and Exchange Commission
Since Trump's election as President of the United States marked a policy shift, an increasing number of US financial institutions have launched cryptocurrency-based products.
Custodia and Vantage Bank have introduced "the first bank-issued stablecoin in the US," which operates on the permissionless Ethereum (ETH) blockchain. As Federal Reserve Board member Christopher Waller stated in a speech on February 12, it will serve as a "real dollar," rather than a "synthetic" dollar.
Source: Caitlin Long
Trump had previously stated that the US intends to prioritize cryptocurrency policy as a national priority and to make the US a global center for blockchain innovation.
Fidelity's spot Solana (SOL) application is seen as a "regulatory litmus test."
According to a document dated March 25, the Cboe BZX Exchange has requested approval to list Fidelity's proposed exchange-traded fund (ETF) holding Solana (SOL), which comes just a day after Fidelity's push for stablecoin development.
According to Lingling Jiang, a partner at crypto venture capital firm DWF Labs, this application document may provide insights into the US Securities and Exchange Commission's (SEC) regulatory stance on Solana ETFs.
Jiang told Cointelegraph: "This application is not just a product proposal—it is more of a regulatory litmus test. If approved, it would signify the SEC's increasingly mature stance, recognizing the functional differences between blockchains."
She also stated: "This will accelerate the development of compliant financial products linked to the next generation of assets, meaning more tools and trading combinations in the system for market makers, ultimately increasing trading speed."
Meanwhile, participants in the crypto industry are awaiting US stablecoin legislation, which may be introduced in the next two months.
The US stablecoin regulatory bill, known as the GENIUS Act, will establish collateral requirements for stablecoin issuers and require full compliance with anti-money laundering laws.
According to Bo Hines, executive director of the President's Advisory Council on Digital Assets, a positive signal is that the stablecoin bill may be submitted to the President's desk within the next two months.
Related: DWF Labs launches a $250 million fund to drive mainstream cryptocurrency adoption
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