Fidelity pushes $50M FIDD into on-chain finance

• Fidelity Digital Assets has expanded FIDD’s role in payments, settlement and tokenised markets.
• FIDD has about $50.09 million outstanding and remains redeemable for $1.
• The Ethereum-based stablecoin is targeting institutional use across on-chain finance.

Fidelity Digital Assets has expanded the use of FIDD (CRYPTO:FIDD) across payments, settlement and tokenised markets.

The Ethereum-based stablecoin has about $50.09 million outstanding, with each FIDD redeemable for $1.

Fidelity Digital Assets issues FIDD, while Fidelity Management & Research Company manages its backing assets.

The reserves can include cash, short-term US Treasuries, money market funds and bank deposits, with assets held in segregated accounts.

FIDD does not pay reserve income to holders and is available through Fidelity platforms, Kraken and Bullish.

Fidelity has published daily supply data and monthly reserve reports examined by PwC, while future adoption will depend on institutional integrations and wider use.