BOSTON — Fidelity Investments said it is releasing its first stablecoin, marking a major push by one of the nation’s largest asset managers into blockchain-based digital currency markets.
The new token, called the Fidelity Digital Dollar (FIDD), is a U.S. dollar-pegged digital asset that will be fully backed by cash, cash equivalents and short-term U.S. Treasury securities, according to a company statement. Fidelity said the coin is designed to combine the stability of the dollar with the efficiency and utility of blockchain technology.
How to Access New Coin
FIDD will be issued by Fidelity Digital Assets, National Association, and accessible to both retail and institutional investors in the coming weeks through Fidelity’s digital platforms, including Fidelity Digital Assets, Fidelity Crypto and Fidelity Crypto for Wealth Managers.
The stablecoin will also be listed on major cryptocurrency exchanges and can be transferred to any Ethereum mainnet address, the company said.
Information to be Published
The firm said daily disclosures of the stablecoin’s circulating supply and reserve net asset value will be published on its website to enhance transparency.
‘Thrilled to Launch’
“We’re thrilled to launch a fiat-backed stablecoin at a time of increasing regulatory clarity to better support our customers’ needs, provide choice in the marketplace and enable continued progress towards a more efficient financial system,” Mike O’Reilly, president of Fidelity Digital Assets, said in a statement.
The move places Fidelity directly in competition with existing dollar-pegged tokens such as Circle’s USD Coin and Tether’s USDT, which dominate the roughly $300 billion stablecoin market.
WILISTON, Vt.– EastRise Credit Union said it has extended its relationship with the Thunder Road Speedbowl and the Labor Day Classic 200. EastRise Credit Union entered the partnership in 2022 and has agreed to an extension of its support through the 2028 season at what the organization calls the “Nation’s Site of Excitement!”
“EastRise Credit Union is proud to continue our partnership with Thunder Road and the iconic Labor Day Classic 200,” Sarah Ricker, Community Relationship Manager at the $3.1-billion EastRise said in a statement. “This event brings together racers and fans from across the region, and we’re thrilled to be part of its energy and tradition for the next three years. We look forward to cheering on the drivers, supporting the teams, and celebrating a community experience unlike any other.”
About the Classic
The Labor Day Classic began during Thunder Road’s inaugural season in 1960 and enjoyed an 18-year run as the annual summer-ending spectacular for the original open-wheeled coupes, then later the original Flying Tiger class and the famed Northern NASCAR Late Model Sportsman series of the 1970s. What came next was a big change with the Vermont Milk Bowl annually taking place on Labor Day weekend between 1982 and 1996 before the Classic made its grand return in 1997 with the NASCAR Busch North Series, the organization said.
The Milton CAT American-Canadian Tour Late Models stepped back into the limelight in 2004, and it’s been a 200-lap affair ever since.
