Fidelity doesn't do crypto. It manages $6.8 trillion. So when the 79-year-old asset manager launched its own stablecoin on January 28, the game fundamentally changed.

On January 28, 2026, the second-largest asset manager in America launched FIDD, a dollar-pegged stablecoin that Fidelity issues, distributes, and custodies in-house. [PRESS RELEASE].

For the first time, a titan with a national trust bank charter, the highest tier of federal oversight, is offering 24/7 dollar settlement on Ethereum. Let’s unpack.

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What happened

Fidelity Digital Assets, National Association (a federally chartered national trust bank and a G-SIFI) launched FIDD: a 1:1 USD-backed stablecoin, live on Ethereum mainnet. Eligible customers can buy or redeem directly through Fidelity platforms, with daily disclosures of reserves, a transparency standard that exceeds rivals like Circle (USDC) and Tether (USDT).

Be smart: By using a national trust bank structure, Fidelity bypassed state-by-state money transmitter licensing, opting instead for direct OCC oversight. The token reserves sit in cash, short-term Treasuries, and qualifying repos. Listing on major exchanges is expected.

By the data: As of January 2026, stablecoins hit $316 billion in market cap with $45 trillion in annual transaction volumes, dwarfing Visa’s $14 trillion in fiscal 2025.