Fidelity stablecoin FIDD goes live as Wall Street moves deeper onchain

Fidelity Investments has launched its first stablecoin, Fidelity Digital Dollar, marking a major step by a traditional asset manager into onchain payments and settlement. The token, branded $FIDD, is issued by Fidelity Digital Assets and is now available to both retail and institutional investors.

The stablecoin is designed to combine blockchain-based utility with the stability of the US dollar, positioning $FIDD as a regulated alternative in the stablecoin market, which has grown to a total value of over $316 billion.

Mike O’Reilly, president of Fidelity Digital Assets, said the firm “sees stablecoins as a foundational component of the digital assets ecosystem” and believes Fidelity is “uniquely positioned to offer a digital dollar backed by institutional grade infrastructure and risk controls.”

$FIDD is fully backed by cash, US Treasuries, and other highly liquid assets held in custody accounts at Bank of New York Mellon. The stablecoin will be redeemable one-to-one for US dollars across Fidelity’s digital asset platforms, with transfers supported on the Ethereum mainnet.

Circulating supply and reserve net asset value will be disclosed daily on Fidelity’s website, with monthly reserve reports examined by PricewaterhouseCoopers in line with AICPA attestation standards.

Fidelity said the recent passage of the GENIUS Act provided clear regulatory guardrails for payment stablecoins, creating conditions for a US-based asset manager to issue its own digital dollar.

The firm has been building digital asset infrastructure since 2014, spanning custody, trading, research, and investment products.