Fidelity is testing its own stablecoin, with the news coming just a day after the Trump-linked World Liberty Financial issued its own stablecoin.
James Rubin
Together with:
📝 What you need to know
Stablecoin activity continues to surge amid growing demand for the fiat currency-based digital assets, which are widely used by crypto traders.
Fidelity Digital Assets is actively testing a stablecoin it has developed, a source with direct knowledge of the matter told Decrypt on Wednesday. The news followed a day after the Trump-affiliated World Liberty Financial decentralized finance project revealed that it will debut a dollar-pegged stablecoin called USD1.
Earlier this week, as Decryptreported, the Circle USDC stablecoin market cap rose to its own record high, surpassing $60 billion for the first time and making up about a quarter of the entire stablecoin market. Circle has minted about $16.5 billion worth of USDC over the past three months, but Tether’s USDT leads in market value with about $144 billion—or more than 63% of the stablecoin market.
In Wednesday afternoon market activity, Solana was down nearly 5%, while Ethereum and XRP fell more than 3% as markets remained skittish about risk-on assets amid wider uncertainties. Bitcoin was trading just above $87,000, off roughly 1% over the past 24 hours, according to data provider CoinGecko.
Fidelity Testing Its Own Stablecoin as Firm Expands Crypto Efforts
The asset manager is in the latter phases of testing its stablecoin as U.S. lawmakers work on a legislative framework for the tokens.
GameStop Borrows Strategy Playbook, Plans to Raise $1.3 Billion to Buy Bitcoin
GameStop said it plans to offer up to $1.3 billion worth of convertible senior notes to buy Bitcoin, following the approach of Strategy.
Lawmakers Pushing Ahead on Stablecoin, Crypto Market Structure Bills
A group of U.S. lawmakers said legislators will meet in the coming days to advance efforts to enshrine crypto regulations into law.
Wyoming Governor Says State’s Long-Planned Stablecoin Could Launch by July
Wyoming's planned stablecoin—first proposed in 2022—will work across Ethereum, Solana, Avalanche, and multiple ETH scaling networks.
Hyperliquid Delists Surging Solana Meme Coin to Avoid Liquidation Crisis
Solana-based meme coin JELLYJELLY was delisted from Hyperliquid after a 20x leveraged bet tested the decentralized exchange's integrity.
Flare Fair is your one-stop DeFi carnival: discover Flare’s ecosystem by completing tasks like bridging, lending, and staking and earn rewards from a 510M FLR pool, as well as FlareDrops. Interact with dApps, explore themed “rides,” and boost your earnings effortlessly. Doors to the Fair are open!
