Fidelity Investments is in advanced stages of testing its own stablecoin, which is designed to act as cash in cryptocurrency markets and will be managed through its digital assets arm. The move comes as crypto-friendly President Donald Trump pledged to promote the growth of “lawful and legitimate” dollar-backed stablecoins to support the US currency and called for supporting legislation to be ready to be signed into law by August. In no surprise to anyone, World Liberty Financial, the crypto project promoted by Trump and his sons, has also announced plans to launch its own stablecoin. The coin’s reserves will be backed by short-term US Treasuries and other cash equivalents.

Fidelity Investments preps stablecoin

Fidelity Investments is in advanced stages of testing its own stablecoin, designed to act as cash in cryptocurrency markets. The move follows President Donald Trump's pledge to promote dollar-backed stablecoins, with World Liberty Financial also announcing plans to launch its own stablecoin backed by short-term US Treasuries.