Earlier this week we reported that Fidelity Investments was launching a tokenized money market fund, a surprisingly late launch given Fidelity was the first major asset manager to lean into crypto. Now the Financial Times, citing insider sources, reported that the asset manager is planning to issue its own stablecoin.
Both the tokenized fund and stablecoin fit with recent moves by US derivatives regulator, the Commodity Futures Trading Commission (CFTC) to pilot the use of tokenized assets including stablecoins for margin purposes. Yesterday the CME Group announced it was testing a solution and would involve market participants later this year.
The move comes as the Trump administration has put stablecoins at the core of its crypto policy and is targeting the passage of stablecoin legislation by the end of April. Yesterday the Trump-associated World Liberty Financial announced it would issue the USD1 stablecoin. We noted in our analysis that the USD1 reserve assets might include tokenized Treasuries.
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