According to reports, Fidelity Investments, a massive international asset management firm, is evaluating its own stablecoin in order to accelerate its tokenized asset plan in the face of rising regulatory examination in Washington.
Fidelity, which has $5 trillion in assets under management, is in the last phases of testing a token meant to operate as cash in cryptocurrency markets, according to the Financial Times. While specifics remain unknown, the stablecoin will be managed by Fidelity’s digital assets section.
Toncoin (TON) Value Forecast for March 26th
It is uncertain if Fidelity plans to make its stablecoin available to retail traders, similar to Tether and Circle, or whether it will restrict it to institutional investors. Fidelity has not yet issued a public comment on the subject.
This announcement comes shortly after Fidelity suggested launching a blockchain-based version of a U.S. dollar money market fund. The proposal, which was filed with the SEC, seeks to register “on-chain” share classes of the Fidelity Government Money Market Fund, which invests in cash and U.S. government bonds.
Tokenized U.S. Treasuries are presently the second-largest contributor to the total value of tokenized real-world assets, with a market capitalization of $4.8 billion, trailing only private credit funds at $12.2 billion.
