Fidelity Investments is launching the Fidelity Digital Dollar (FIDD), a stablecoin based on Ethereum, to cater to both institutional and retail users. It will be backed by cash and U.S. Treasuries, adhering to the new GENIUS Act's reserve rules, and aims to facilitate 24/7 settlements and on-chain payments.

Fidelity has launched a tokenized treasury fund on the Ethereum blockchain, enabling investors to gain exposure to U.S. Treasury securities in a more efficient and streamlined manner. This initiative aims to enhance liquidity and accessibility for institutional investors looking to invest in treasuries through digital assets.