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Financial giant Fidelity, which manages 6 trillion Dollars, is launching its own Cryptocurrency! Here are the details...
According to Financial Times, one of the giants in the finance sector, Fidelity Investments is preparing to launch its own stablecoin.
Fidelity's move came at a time when the U.S. is preparing stablecoin regulations.
Fidelity, which manages 6 trillion dollars, plans to launch its own stablecoin through its cryptocurrency division, Fidelity Digital Assets.
Fidelity's stablecoin will enter a crowded market dominated by giant stablecoins like Tether's USDT and Circle's USDC.
Meanwhile, the cryptocurrency sector is awaiting the potential stablecoin regulations in the US that are expected to come out in the next two months.
The GENIUS Act, which stands for the National Innovation Framework for U.S. Stablecoins, will establish collateralization guidelines for stablecoin issuers and require full compliance with Anti-Money Laundering laws.
As a reminder, yesterday, the DeFi project World Liberty Financial (WLFI), supported by US President Donald Trump, officially announced that they would issue a stablecoin named USD1.