According to the Financial Times, Fidelity Investments, one of the giant names in the financial sector, is preparing to launch its own stablecoin.
Fidelity’s move comes at a time when the US is preparing for stablecoin legislation.
Fidelity, which manages $6 trillion, plans to launch its own stablecoin through its cryptocurrency division, Fidelity Digital Assets.
Fidelity’s stablecoin will enter a crowded market dominated by giant stablecoins like Tether’s USDT and Circle’s USDC.
Meanwhile, the cryptocurrency industry is awaiting stablecoin legislation in the US, which is likely to be enacted within the next two months.
The GENIUS Act, short for National Innovation Ensuring and Establishing Guidance for U.S. Stablecoins, would set collateralization guidelines for stablecoin issuers and require full compliance with Anti-Money Laundering laws.
As you may recall, yesterday, World Liberty Financial (WLFI), a DeFi project supported by US President Donald Trump, officially announced that they will be issuing a stablecoin called USD1.
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*This is not investment advice.