Fidelity Enters Stablecoin Market, While Speculation Surrounds Potential Fed Chair
Fidelity Investments announced Wednesday the launch of its own stablecoin, the Fidelity Digital Dollar (FIDD), as speculation intensified around potential candidates for the next Federal Reserve chair, according to Fortune. Meanwhile, a report surfaced regarding the Trump administration rewriting nuclear safety rules, according to NPR.
Fidelity's FIDD token will be fully backed by reserves to maintain a 1-to-1 peg to the U.S. dollar. The company plans to make FIDD available through Fidelity and on exchanges in the coming weeks, catering to both institutional and retail clients. "As general adoption in the digital assets space continues to evolve, we felt this was the logical next step for the marketplace and our clients," said Mike O'Reilly, President of Fidelity Digital Assets, in a statement to Fortune. The launch follows nearly a year after initial reports that Fidelity was testing a stablecoin.
Separately, Rick Rieder, a bond market expert, has emerged as a leading candidate to become the next Fed chair, according to Polymarket odds reported by Fortune. Rieder's odds have surged in the last two weeks, placing him ahead of other potential candidates like Kevin Warsh and Christopher Waller. Rieder's background as a trader and asset manager sets him apart from previous Fed chairs, who typically have backgrounds in law, private equity, or economics.
In other news, the Trump administration has reportedly rewritten nuclear safety rules, according to NPR. Details surrounding the changes were included in NPR's "Up First" newsletter and podcast.
Discussion
Join the conversation
Be the first to comment