Overview
- FIDD will be issued by Fidelity Digital Assets, National Association, a federally chartered national trust bank, with $1 purchase and redemption on Fidelity’s crypto platforms and planned availability on major exchanges.
- The token launches on Ethereum and can be transferred to any mainnet address, with Fidelity indicating it may explore additional blockchains or layer-2 networks later.
- Reserves will consist of cash, cash equivalents, and short-term U.S. Treasuries managed by Fidelity Management & Research, with daily public disclosures and independent attestations.
- Fidelity announced the product on Jan. 28 with rollout in early February, following the OCC’s conditional approval of its digital-asset bank in December 2025.
- The move puts Fidelity in direct competition with Circle and Tether as it targets 24/7 settlement and low-cost on-chain payments for institutional and retail clients, coming a day after Tether introduced its U.S.-focused USAT token.