On March 26, in a communication that went unnoticed, it was announced that Fidelity Investments, one of the largest Bitcoin emitters in the market, is actively working on a stablecoin: Fidelity Digital Dollar (FIDD). A few hours ago, a user found the contract in the network where the investment company would be conducting technical tests before formalizing its market launch.
According to said user, Fidelity would be waiting for the approval of the genius law To officially launch Fidd. As Cryptonotics reported around February, Republican Senator Bill Hagerty presented the Genius bill. which means guidance and establishment of national innovation in the US stablecoins.
This law different from the issuers that have more than 10 billion dollars in assets, which will be subject to the regulations of the Federal Reserve, those of lower capital, which will follow state regulations. The medium that obtained exclusive information assured that this stablecoin It will be managed through the Fidelity digital asset division, what was stated by “two people with knowledge of the plans.”
Fidelity builds its digital dollar on Ethereum
A look at the Fidelity Dollar contract (0X7C135549504245B5AE64FC0E999FA5EBABB8E35D) demonstrates That it is a Token ERC-20, which means that it is natively compatible with the Ethereum Network. At the time of writing, the managers of this contract have made 54 transfers between addresses during the Taken test phase.
The maximum total supply is currently 4 FIDD, which reaffirms the fact that Fidelity’s stablcoin remains proven. Some FIDD transactions date more than two years ago, which for its part indicates that its creation was conceived a long time before the regulatory boom which aims to regulate and push, parallel to that of Bitcoin, the regulated use of stablcoins in the US.
There would be more evidence that Fidelity is working on this stablecoin. In A publication that dates back a year on the Reddit community network it is shown that the Fidelity Blockchain software engineering position “now includes as an indispensable requirement the experience in Chainlink integration.” This is relevant because Chainlink Ccip (Cross-chain interoperability protocol) It is a solution designed to facilitate interoperability between chains, Something that is crucial for Stablcoins that need to operate in several ecosystems.
