Fidelity Investments is engaged in advanced testing of its own stablecoin as the wealth manager pushes into the blockchain-based money market fund scene, according to a Financial Times report.
News of a Fidelity-issued stablecoin broke days after the $5.9 trillion asset manager filed paperwork to launch a tokenized money market product on Ethereum. The product would be a blockchain-based version of its Treasury Digitial Fund, which offers exposure to U.S. dollars and Treasuries. The stablecoin will serve as digital cash within this blockchain fund, per two sources cited by FT.
More traditional finance issuers have forayed into the on-chain government bond ecosystem. BlackRock and Franklin Templeton also offer tokenized money market funds, with over $2 billion in combined assets under management. The sector has grown in leaps and bounds, surpassing more than $5 billion, per RWA.xyz data.
Fidelity’s entry into the $238 billion-strong stablecoin landscape may pit the firm against Tether and Circle. Tether’s USDT is the current market leader at a $144 billion market capitalization, followed by Circle-issued USDC with $60 billion in market cap. Both firms have dominated the U.S. dollar-pegged token market for years, but changing U.S. regulatory headwinds could disrupt this status quo.
U.S. regulators the Senate and House of Representatives tabled bills to regularize national stablecoin laws. The Senate version, titled the GENIUS Act, received bipartisan support during a Senate Banking Committee vote on March 13. Industry-wide expectations posited that a conclusive stablecoin framework could reach the White House by the end of Q2 2025.
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